Review of commodities 17.10.2018: WTI, BRENT, USD/CAD, USD/RUB

Описание: Today oil traders are optimistic ahead of the inventories data from the Energy Information Administration.
Some analysts expect that the stockpiles of crude oil in the United States increased. However, market participants hope that the actual figures will fall short of these expectations. Yesterday the American Petroleum Institute reported that the inventories decreased by 2 million 100 thousand barrels versus the expected rise of 2 million 200 thousand barrels.
Oil prices are moving sideways. WTI is trading in the range between 71 and 72 dollars per barrel. Political factors took a back seat. In particular, it refers to the diplomatic row between the United States and Saudi Arabia.
The effect caused by this news has been almost offset. The Brent crude benchmark also stood still near the level of 81 dollars per barrel. While oil traders are uncertain, the commodity currencies lack momentum.
Appreciation of the American currency put the Canadian dollar under pressure. Besides, the loonie has weakened ahead of macroeconomic statistics from Canada which is expected to be weak. Today the manufacturing sales report will be released which will likely show a negative result. The USD/CAD pair is set to break above the level of 1.2960.
The Russian ruble has also lost ground, reversing the continuous upward trend that was contributed to the tax period in Russia. The USD/RUB pair was hovering near the level of 65.60. The ruble weakened, as traders doubt that today’s auction of the Russian government bonds will be successful.

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