Oil hits fresh highs/ Crude oil prices rapidly rising (25.09.2018)

Описание: Oil prices hit fresh highs after statements about the work of OPEC and non-OPEC producers
as well as ahead of the re-introduction of sanctions on Iranian raw materials.
According to the report provided by the joint OPEC-Non-OPEC monitoring committee ahead of the cartel’s meeting last weekend, the member countries of the energy pact decided to continue their commitment to the agreements reached in June this year. Oil traders have positively accepted the absence of signals about a possible increase in oil output. Brent crude price hit $82 per barrel, the highest level over the past 4 years.
WTI is trading at $72.50 per barrel. Investors expect data on US weekly crude stockpiles from the American Petroleum Institute and the Energy Information Administration.
The commodity currencies gain ground thanks to rising oil prices. Thus, the Russian ruble is extending gains against its American counterpart. The USD/RUB pair was trading near the level of 65.80.
However, some commodity currencies lack momentum against the US dollar. In particular, the USD/CAD pair has added over 40 pips since the start of this trading day. It was hovering near the level of 1.2960.
The Canadian dollar weakens against the greenback ahead of the FOMC monetary policy meeting. Political factors became less important as the Federal Reserve is expected to hike the interest rate. As for crude oil, it is likely to continue an upward trend.

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