27.09.2021: Oil quotes set to reach new peak levels - (Brent, WTI, USD/RUB, EUR/RUB).

Описание: The situation in the energy market shows that reaching 2-year highs is not the limit for oil. Oil keeps rising. Higher gas prices in Europe have triggered a chain reaction all over the world. Increased demand for commodities in the European market forced oil producers to shift their focus from other markets, thus causing a supply deficit. As a result, oil quotes are now holding near peak levels with a prospect of further growth. Besides, the European Commissioner for Energy said that the energy crisis was likely to remain until winter. This statement supported bullish sentiment in the market. BRENT crude continues to test new highs. The quotes have consolidated near the psychological level of 80 US dollars per barrel. If the price reaches this level and holds there for some time, a rebound with a subsequent technical correction is possible. Currently, the level of 80 is seen as the main target for Brent. It also serves as a resistance level, and the bulls may attempt to break through it in the near term. WTI is also likely to go through a pullback. At the moment, its quote has approached the local high of 77 dollars a barrel last seen on July 6. This is the key target for now, and the price is still lacking two dollars to reach it. At the moment, WTI is trading at 75 dollars per barrel. A supposed rebound may lead the price towards the level of 77 dollars a barrel. In the meantime, the US dollar started to gain ground across the board, while the Russian currency shows no reaction to this. Surprisingly, the ruble has downplayed the overall tendency in the currency market and began to strengthen instead. The reason for this remains the same and lies in higher crude prices. So, the dollar/ruble pair continues to trade steadily in the range between 72.55 and 73.10. The best strategy here is to wait for a breakout of either boundaries. Long positions can be considered when the price settles above the level of 73.15, going short will be possible when it consolidates below the mark of 72.50. Meanwhile, the euro/ruble pair continues to follow the downtrend it started last week. In the short term, consolidation below the level of 85 may signal a further downward movement towards 84.50 and 84, and we can already see this happening. However, analysts say the quotes are unlikely to drop below this level, and a pullback will be quite natural. The same is true for technical correction on oil which may start right after testing the level of resistance.
As we can see, the ruble is reacting to the deficit in the oil market rather than to the situation in the foreign exchange. As of now, the demand for commodities is providing support to the Russian currency and helps it grow at least at the current stage.

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00:21 BRENT
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