25.07.2023: Oil prices extend gains. Outlook for oil, gold, RUB

Описание: Oil prices edged higher buoyed by growing evidence of supply shortages. According to Western investment banks, the market is beginning to suffer from the latest decision by Russia and Saudi Arabia to deepen oil production cuts. In addition, there are fears that the EU's eleventh sanctions package targeting Russia that has recently entered into force could make things more complex.
Thus, Brent crude oil jumped to $83 per barrel. However, this rally is likely to be short-lived. After all, the previous sanctions had only a temporary effect as Russia quickly found ways to circumvent them, with the market avoiding oil shortages. Therefore, oil prices are expected to stabilize soon. But still, in the short term, panic buying may well buoy the asset, allowing it to extend gains.
Gold is still trying to stabilize at around $1,960 per ounce. Most likely, this sideways trend will last until tomorrow's meeting of the US central bank. The market is awaiting statements from Fed members, hoping to receive some clues about their further monetary policy steps. If the regulator signals more interest rate hikes, gold will probably plummet. Otherwise, it will hold steady until the ECB meeting on Thursday.
Although the Russian market remains tense in anticipation of the release of the Bank of Russia's report on the balance of payments, the ruble is rather stable. The currency has been supported by higher oil prices, but their effect is likely to be temporary. Fears that the current account of Russia's balance of payments could turn negative are still putting pressure on the ruble. If the balance of payments report is not published by the time the effect of stronger crude prices fades, the dollar will gain ground.
That's all for now. We continue to follow developments in the financial markets. Subscribe to our channel and follow the news with us. See you soon!

00:00 Introduction
00:32 Brent
01:04 Gold
01:33 USD/RUB
02:12 Conclusion

https://www.instaforex.com

FX Analytics - https://www.instaforex.com/forex_anal...
Forex Calendar - https://www.instaforex.com/forex_cale...
Forex TV from InstaForex - https://www.instaforex.com/instaforex_tv

Forex charts - https://www.instaforex.com/charts
Instant account opening - https://www.instaforex.com/fast_open_...
Forex Trading Contests - https://www.instaforex.com/forex_cont...

List of official InstaForex blogs:
  / instaforex  
  / instaforex  
  / instaforex  

#commodity_market #oil #instaforex_tv