Скачать или смотреть 03.08.2021: Oil prices edge lower following China’s weak PMI data (Brent, WTI, USD/RUB, EUR/RUB).

As widely expected, oil prices fell by 3% on Monday after China, the second - largest oil consumer in the world, unveiled weak Manufacturing PMI data. Naturally, such news also impacted the ruble. We have thoroughly assessed the current situation in the oil market and are ready to share our forecasts with you. This morning, Brent crude futures remain near the closing levels of the previous day. Despite yesterday's decrease, the bullish sentiment prevails in oil markets. Besides, there are no significant reasons for a long-term decline. Perhaps oil prices dropped as oil looked less overbought. In late July, it grew by more than 11%, which was rather a high value compared to the actual market price. If there is no negative news about the recovery of demand in the coming days, Brent crude may remain in the range of $72-74 per barrel. So far, trading is conducted within this range, and more specifically, at the level of $73.30 per barrel. Yesterday, WTI crude remained in the correctional phase. It faced a strong resistance level of $74.25 per barrel and failed to break through that level. Now, its price is shifting towards the psychological level of $71 per barrel. It is likely to trade in the range of $71-72.5, taking into account the current market situation. A more than 3% decline in oil prices did not affect the ruble. It is still extending gains versus the US dollar. The dollar/ruble pair is trading at 72.80. Analysts say that the ruble may rise even more amid an increase in risk appetite. This is already happening right now. Yet, judging by the chart, bulls are running out of energy. In case of some negative news, a reversal of the pair is possible. However, the ruble is highly unlikely to drop drastically. Now, the quote is approaching the range of 72.50 - 72.00. If it hits these levels, it will become even more oversold, which could trigger its further decline. The euro/dollar pair is showing a similar dynamic. Its quote moved in the sideways channel to 87.50 from 86.50. During yesterday's trading, the pair managed to break through the lower border of the range. So, the likelihood of a downward movement seems quite high. It is recommended to open short trades if the pair consolidates below the level of 86.40. Otherwise, there may be a rebound amid a decline in oil prices. Now, there are no fundamental factors for a sharp fall of the ruble. Only a decline in oil prices may affect the ruble. The ruble is holding firmly at the level of 74.5. However, experts think that the ruble will soon edge lower to its actual market value of 70. However, will it take place before the ruble stops strengthening?

https://www.instaforex.com

FX Analytics - https://www.instaforex.com/forex_anal...
Forex Calendar - https://www.instaforex.com/forex_cale...
Forex TV from InstaForex - https://www.instaforex.com/instaforex_tv

Forex charts - https://www.instaforex.com/charts
Instant account opening - https://www.instaforex.com/fast_open_...
Forex Trading Contests - https://www.instaforex.com/forex_cont...

List of official InstaForex blogs:
  / instaforex  
  / instaforex  
  / instaforex  

#commodity_market #oil #instaforex_tv

00:00 Intro
00:20 BRENT
00:59 WTI
01:20 USD | RUB
02:00 EUR | RUB