06.05.2021: Oil unstable over huge draw in crude supplies (Brent, WTI, USD/RUB, EUR/RUB).

Описание: On Thursday, both oil benchmarks are recovering after yesterday’s fall. This is how the market has reacted to a deep decline in the US crude inventories for the past week. At the same time, a build in gasoline stockpiles and lower fuel demand cooled market optimism. As we can see on the chart, oil supplies in the US dropped by 7.99 million barrels for the past week, posting the biggest decline since January. What is the reaction of the market? On Thursday, Brent is trading at 68 dollars 80 cents per barrel. The decline in crude supplies could have caused a much stronger uptrend in oil. However, this did not happen. Oil is pressured by other bearish factors, that is why the price is likely to stay in the current range. In the course of the day, Brent is forecast to hold between 68.00 and 69.50 dollars a barrel. North American WTI is showing similar dynamics. Currently, WTI has settled at 65 dollars 40 cents per barrel. It is possible that today the price will move in one of the two directions: either to 64.50 or to 66.00 US dollars a barrel. Meanwhile, the Russian ruble continues to regain ground against both the US dollar and the euro. Given today’s background and the technical picture, the dollar/ruble pair is going to trade in the range of 74.20 to 75.50. The trading activity on the ruble is sluggish this week due to public holidays in Russia. Besides, the news background is very quiet today. Still, the ruble gets most of its support from a strong energy market. The euro is currently trading at 89.750 against the ruble. This currency pair has been staying in the flat channel for the third day in a row. It is true that the euro is still under pressure from the US dollar on the global foreign exchange. Yet, this fall is minor, and the euro is cautiously waiting for the changes in the US market. So, the European currency has slightly retreated against the ruble that has advanced on higher oil prices. Today, the trading range for the pair is seen between 89.00 and 90.60 rubles per euro. So far, everything is in favor of the Russian ruble. As for oil prices, they are determined by two contrasting factors: positive data on oil inventories in the US on the one hand and worries over weak fuel demand in India that struggles with COVID-19 on the other.

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00:00 Intro
00:17 US CRUDE INVENTORIES
00:30 Brent
00:52 WTI
01:09 USD | RUB
01:36 USD | EUR