06.12.2019:Oil and RUB to hold steadily high (RUB, Oil)

Financial markets are full of important events. Currently, oil traders are focused on the progress of the OPEC+ meeting in Vienna while investors are waiting for the US jobs report. To see the dynamics of prices and changes in traders’ sentiment, follow our next news release on the InstaForex TV channel.
Brent prices returned to the previous 2-month highs. Early in the European session, the price made an attempt to break through the mark of 63 dollars 50 cents a barrel. Oil prices gained ground amid the news that OPEC+ members are planning to deepen output cuts.
However, market optimism has been waning recently. According to reports, OPEC and allies have only agreed to extend the existing production curbs until March 2020. It is not clear yet whether additional output cuts will be applied. Its seems that Saudi Arabia is doing everything possible to keep oil prices high in order to support its Saudi Aramco IPO.
Meanwhile, commodity currencies are taking advantage of high oil prices and the weak US dollar. The American currency is extending losses ahead of the US jobs report. According to data from ADP released on Wednesday, employment in the US private sector has been slightly decreasing. If this data is confirmed by today's report from the US Department of Labor, the dollar will display an overall weakness.
Today, the dollar/ruble pair is holding at a 2-week low at 63.70 which serves as a level of resistance. The price is very likely to go below this level and reach the 63.20 mark. However, in the mid-term, there is still a risk of the upward trend. It is reported that on December 11 the US Senate is planning to initiate new sanctions against Russia for its aggression against Ukraine and interference in the US presidential elections.
Possible progress in the US-China trade negotiations may significantly support the ruble and the oil.
That's all for now. We wish you good deals and are waiting for you on our channel in a few hours!



FX Analytics -
Forex Calendar -
Forex TV from InstaForex -

Forex charts -
Instant account opening -
Forex Trading Contests -

List of official InstaForex blogs:




#commodity_market #oil #instaforex_tv

instaforex,online trading,news,forex news,business news,trading on news,forex trading,exchange rate,dollar exchange rate,foreign exchange market,finance,financial adviser,investment activities,business investor,broker,market,currency quotes,oil,oil today,oil rate,oil barrel,barrel price,brent oil,oil graph,ruble rate,ruble today,Russian ruble,Canadian dollar,Canadian dollar rate,