Yesterday’s data from the American Petroleum Institute showed that US crude oil inventories fell by 6.8 million barrels last week, against the forecast for an increase of 0.5 million barrels.
Such a sharp drop in stockpiles in such a short span of time was followed by an immediate rise in oil prices. In this regard, today's data from the US Energy Department is of particular importance to market participants.
If the agency confirms a drawdown in US crude oil and gasoline inventories, Brent crude will have a chance of rising above $78 per barrel. However, analysts still anticipate an increase of 0.8 million barrels. If the figures meet forecasts, oil prices may return to the area of $75 per barrel.
Meanwhile, gold remains relatively stable. The yellow metal is still trading in the range of $1,960 and $1,980 per ounce. Given that there is an inverse relationship between gold and the dollar, much will depend on the latter. The greenback is extremely overbought, so a correction in the currency market is increasingly likely. Thus, gold still has a chance of advancing at least to $2,000 per ounce.
The volume of long positions is expected to increase after the price consolidates above the 1,990 mark. Until then, a return to the recent support level cannot be excluded.
The dollar/ruble pair is a striking pattern of stability. Yesterday, the asset was standing still, with almost no minor fluctuations. Such behavior is rare and far from a common pattern as it is impossible to achieve a state of perfect equilibrium in the market. Moreover, close-to-zero volatility is usually a prelude to a burst of trading activity. So the market may come alive today. At the same time, there are no preconditions for a sharp rise or drop in the Russian currency. Therefore, the greenback will most likely remain at around 80 rubles.
That’s all for now. We wish you profitable deals. See you on our channel with a new video in a couple of hours!

00:00 Introduction
00:18 Oil Market Situation
00:36 Brent
01:04 Gold
01:57 USD/RUB
02:41 Conclusion

https://www.forex-insta.com

FX Analytics - https://www.forex-insta.com/forex_analytics
Forex Calendar - https://www.forex-insta.com/forex_calendar
Forex TV from InstaForex - https://www.forex-insta.com/instaforex_tv

Forex charts - https://www.forex-insta.com/charts
Instant account opening - https://www.forex-insta.com/fast_open_live_account
Forex Trading Contests - https://www.forex-insta.com/forex_contests

List of official InstaForex blogs:
https://www.facebook.com/instaforex
https://www.instagram.com/instaforex/
https://twitter.com/InstaForex

#commodity_market #oil #instaforex_tv