Although threats of limited supply and energy shortages persist, a rise in oil prices has been replaced by their slide.
Well, data from the US Energy Department confirmed a drop in crude stockpiles. Moreover, figures turned out to be much worse than those released by the American Petroleum Institute the day before. US crude oil inventories plunged by 12.5 million barrels in the week, while analysts expected an 800,000-barrel rise. US gasoline stocks dropped by 2.1 million barrels. However, given that the market had already priced in the fact of a large unexpected drawdown in inventories, the new data did not lead to higher oil prices.
Nevertheless, the prospect of a rise up to $80 is becoming increasingly likely. This level seems to be a short-term target.
Brent crude has consolidated above $77.50 per barrel for the first time in more than two and a half weeks. This indicates that its sideways move is over. If the optimistic mood persists, the quote will most likely return above the $80 mark.
Gold appears to have finally settled in a range limited by the levels of $1,960 and $1,980 per ounce. Having reached the upper boundary, the quote instantly fell to the lower one and started trading sideways. The downtrend remains intact, but a strong sell signal will be generated only after the price fixes below the 1,950 mark at least on the four-hour chart. Until then, there remains a possibility of a price bounce.
Gold traders are closely watching the ongoing standoff over the US government debt ceiling and possible interest rate hikes, especially by the US central bank. The minutes from the Fed’s last meeting showed that some officials saw the need for more rate increases, while others expected a slowdown to eliminate the need for further policy tightening. Also, yesterday’s data revealed that UK inflation beat estimates in April, reinforcing fears that the regulator could deliver additional interest rate hikes. Furthermore, the European Central Bank is also expected to keep lifting rates this year.
Meanwhile, the Russian currency continues to trade at around 80 rubles per dollar. However, volatility somewhat increased on Wednesday, with the ruble posting modest gains. This largely reflects market sentiment. So, if there are no new driving forces in the near future, the quotes will most likely shift to the range of 79 to 80 rubles per dollar early next week.

00:00 Introduction
00:11 U.S. Crude Oil Stocks Decline
00:54 Brent
01:23 Gold
01:58 U.S. and European interest rate environment
02:41 USD/RUB
03:07 Conclusion

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