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Breaking news of the day: the ruble becomes cheaper, oil rises in price, the USA is in conflict with China

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Breaking news of the day: the ruble becomes cheaper, oil rises in price, the USA is in conflict with China
April 05
14:39 2018

The team of the portal Money-Investing has prepared a summary of the today’s headlines. So, the ruble shows a serious decline against the bicurrency basket. The reason is that the market is waiting for the promulgation of new sanctions against the Russian Federation by the USA. As we know, Trump’s administration decided to impose sanctions because a number of Russian businessmen had interfered in the presidential elections in the USA. Insiders report that the sanctions will be officially announced at the end of this week.

The market experiences the strengthening of the US currency and weakening of the European currency. The fact is that the threat of a global trade war between China and the United States has diminished, which had a positive impact on the quotations of the US dollar. The tension has weakened, as both Powers demonstrate their readiness to reach a consensus on trade issues. Yesterday, Larry Kudlow, Donald Trump’s personal adviser on economic issues, said that duties on imported Chinese goods could be reconsidered if China met certain requirements.

Oil is demonstrating positive dynamics today. This is a natural reaction of the market to yesterday’s report on the drawdown in inventories. Experts believe that the price growth for oil and oil products will continue, but the dynamics will not be pronounced. The reason is the same confrontation between two superpowers. We recall that over the past week, oil reserves in the United States decreased by 4.62 million barrels that exceeded the experts’ expectations by more than 2.5 million barrels.

At the moment, since the start of the trading session the price of futures for  Brent crude oil has grown by 0.38% to $ 68.28 per barrel; the price for WTI has increased by 0.38%,; at present it is being traded at around $ 63.56 per barrel.

Oil production beats historical records. Every day, about 10.46 million barrels of oil are produced in the world. Apparently, the oil market will be soon overstocked with oil, as yesterday the kingdom of Bahrain made an official statement on the opening of a new field, oil reserves in which were estimated at 80 billion barrels.

 

The material was prepared with the participation of Katya Gordon,
a leading analyst of the brokerage company CT Trade

 

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