Oil is trading near its 9-month high. This is largely due to growing concerns over Saudi Arabia's apparent reluctance to boost oil production along with Russia. At the same time, there is no further rise in prices yet.
Apparently, this signals an upcoming local rebound. Oil prices may first slide a bit before resuming gains and heading for the level of $100 per barrel.
If the quote consolidates above 91 dollars per barrel, the volume of long positions will increase. Until then, the asset is likely to drift in a range of 89/91.
Traders' mood will be set by the content of monthly OPEC oil market forecasts as well as weekly reports on US crude oil inventories. The American Petroleum Institute is set to release its report today, and the US Department of Energy — tomorrow.
Market participants are also awaiting a slew of macroeconomic data later this week that could shed some light on whether the Federal Reserve and the European Central Bank will raise interest rates further.
A pullback in the US dollar ahead of key US inflation data has also boosted risk appetite, thus making dollar-denominated commodities, including gold, more attractive to international buyers.
Gold is still trying to stay firm in the range of 1,920 to 1,930 dollars per ounce. Most likely, the situation will remain unchanged until tomorrow's data on inflation in the United States. If the report shows a further rise in consumer prices, the yellow metal will probably head toward the level of 1,900 dollars per ounce.
Meanwhile, the Russian currency is gaining value, which comes as no surprise. On Thursday, the Bank of Russia is set to start selling foreign currency in the forex market. As expected, market participants first bought the currency but then began to get rid of it in anticipation of the regulator's currency interventions, bearing in mind that the central bank could significantly reduce its value. Thus, there is a likelihood of a continued rally in the ruble. However, it will not be as steep as it was yesterday.
Speaking of the stock market, trading activity is subdued. Nevertheless, it continues to decline, weighed down by the upcoming board meeting. Many market participants are concerned that the regulator will raise interest rates again. However, today’s comments from the largest domestic banks signal that the central bank will most likely leave the key rate unchanged. Against this background, the index may gain, albeit slightly. Its upside potential is limited as the probability of further monetary policy tightening remains high. So the main events will unfold as early as Friday.
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
00:19 Brent
00:44 Situation on the oil market
01:04 Trader expectations
01:32 Gold
01:59 USD/RUB
02:39 Russian stock market
03:26 Conclusion

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