Скачать или смотреть 04.12.2018: Qatar leaves OPEC, yet traders keep on buying oil futures

Oil quotes are on their way to highs despite some negative factors.
As it was reported, Qatar was going to leave OPEC right after the New Year. Market participants took little notice of this news as the country is one the minor oil producers in the Middle East. Nevertheless, experts advise traders to stay cautious as Qatar is highly likely to be followed by some other OPEC countries.
However, the Brent benchmark is breaking through to its 2-weeks high. So far, it is trading near 62.70.
The WTI crude oil has the similar trend trading at around $53.90 per barrel. The API report is due today, yet, analysts do not forecast oil quotes to turn around once the data is out.
In any case, oil will find support amid the upcoming meeting of OPEC and non-OPEC producers. Experts are quite sure that the meeting will end up with a decision to cut oil production.
Significant rise of oil quotes impacts on the foreign exchange market. The ruble stays strong against the greenback amid its weakness and increasing crude prices. The dollar/ruble pair is at 66.50. The Russian currency could be doing better if its growth would not be capped by political factors. Investors keep in mind that the US will impose additional sanctions against Russia sooner or later.
In the meantime, there is no evidence of forthcoming changes in the movement of either the ruble or oil quotes. Oil prices are to rise, while the ruble will remain firm against the US dollar.

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