Скачать или смотреть Oil rallies amid expectations of OPEC deal

Today, oil prices are extending a rally propelled by market expectations. Traders hope that top oil exporters could find ways to prop up the oil market tackling the persistent glut.
Friday morning, Brent crude rose to 46 US dollars 60 cents a barrel. West Texas Intermediate was trading at 43 dollars 90 cents a barrel. Oil prices gained 4% from July lows and consolidated. Brent benchmark grade fell to 45 dollars 83 cents. WTI settled down at 43 dollars 52 cents a barrel.
Oil rebounded yesterday after comments by Saudi Arabia’s oil minister. The official stated he is ready to meet with other oil producers and make joint efforts to stabilize oil prices. On Thursday, the International Energy Agency forecast a healthy draw in global oil stocks in the next few months that would help ease the persistent oil glut. The agency also noted a waning non-OPEC supply.
The oil rally provided commodity currencies with support making them resilient against the US dollar. The exception is the Russian ruble which eased due to geopolitical risks and weaker demand ahead of the weekend.
On Friday, the ruble eased versus the US dollar trading at 64.65. The Russian currency was weighed down due to escalating political standoff between Russia and Ukraine.
Russia accuses Ukraine of two armed intrusions into the Crimea peninsula over the weekend. The attempts were prevented by the Russian border patrol. Two Russians were killed in a shooting. In light of this event, the Russian ruble remained unaffected by the oil rally. Traders are obviously opting to buy the US dollar. Market players are expressing risk sentiment as next week the US rate-setting committee is to release the minutes of the July monetary policy meeting. The minutes are likely to make big market moves.

https://www.instaforex.com/