05.08.2021: RUB dips due to falling oil prices - (Brent, WTI, USD/RUB, EUR/RUB).

Описание: As we predicted, oil prices continued to decline. Yesterday, traders anticipated crucial data on US oil crude stockpiles. The report showed an increase in crude oil inventories and oil prices showed a steep drop. The US crude oil inventories have risen for the first time in a long time. After a jump in crude oil stockpiles, worries about the possible oil shortage subsided. Brent crude has already fallen by more than 7% since the beginning of the week. As a result, it dipped below the psychological level of $70.00 this morning. Today, it is likely to hold at this level. If the quote consolidated below this level, it may decline to $69 per barrel, which is the low of July 20. WTI crude is showing a similar dynamic. The quote tumbled below 68.00. We predicted this scenario yesterday, so it did not come as a surprise. If the bearish sentiment persists, WTI crude may decrease to $65 per barrel. The ruble grew significantly against the euro and the US dollar amid falling oil prices. Yet, now, the bullish momentum is fading away. So, the ruble has started edging lower. The dollar/ruble pair climbed to 73.20, which signals a downward correction of the ruble. However, it is hardly surprising taking into account declining oil prices. This is why the ruble is unlikely to resume growth as it has already entered the long-awaited correctional phase. The pair is expected to remain in the range of 73 - 73.5. Versus the euro, the ruble has also slightly weakened. The likelihood of restriction measures due to the rapid spread of the new Delta variant is weighing on the euro. So, the euro/ruble pair is likely to trade in the narrow range of 86.5- 87. Judging by the movements of the dollar/ruble and euro/ruble pairs, bears seem to have run out of energy. The ruble is unlikely to edge higher as it has no fundamental factors for it. Even if oil prices recoup some losses, the ruble will be unable to jump to its previous highs.

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00:00 Intro
00:14 US CRUDE OIL INVENTORIES
00:24 BRENT
00:43 WTI
00:59 USD | RUB
01:29 EUR | RUB