Oil traders eagerly awaited data on US crude oil inventories. This information was supposed to determine further price changes in the energy market.
Well, crude oil inventories in the United States did rise by 4.5 million barrels, as reported by the US Energy Department on Thursday. This came as no surprise to investors. However, gasoline stocks unexpectedly decreased by 200,000 barrels in the week, while market participants expected more upbeat data. As a result, oil prices suffered heavy losses.
Now oil traders are shifting their focus to the meeting of OPEC+ member states, whose views on possible policy decisions are divergent. The outcome of the meeting is unpredictable. The alliance may either cut oil production or keep its oil output targets unchanged.
In addition, the dynamics of oil prices depend on the dollar. If the greenback continues to lose ground, crude may well return to the area of $76 per barrel.
Yesterday, Brent crude oil entered a bullish correction, adding 2.3%. Nevertheless, from a technical point of view, the downtrend remains intact. In case the price comes back below the 72 mark, the benchmark will resume losses. A trend reversal is likely to be a gradual process. A buy signal will be generated only after the price rises above the level of 80.
Meanwhile, gold managed to advance to $1,980 per ounce, driven by a weaker dollar. As a result, the precious metal returned to its highest levels for the last two-three weeks. Taking into account a high probability of a continued decline in the American currency, gold has every chance of rising to $2,000 per ounce in the short term. Much will depend on the dynamics in the currency market.
A dramatic shift in investor sentiment against the greenback was caused by Fed Governor and vice chair nominee Philip Jefferson's comments. He said that the US central bank could pause rate hikes at its next policy meeting.
Despite a sharp drop in the dollar, the Russian currency continues to trade at around 81 rubles per dollar. Such stability and resilience against global trends in the foreign exchange market can be attributed to the Russian financial system’s insularity. Massive and unprecedented sanctions have almost isolated the country from at least most of the world market. Nevertheless, it stays in touch thanks to China, India, and other countries. So, global processes still have an impact, albeit with a slight delay and on a smaller scale. If the greenback continues to weaken, the Russian currency will most likely move into the range of 80 to 81 rubles per dollar early next week.
That's all for now. We continue to follow developments in the financial markets. Subscribe to our channel and follow the news with us. See you soon!

00:00 Introduction
00:13 Situation on the oil market
00:44 Waiting for the outcome of OPEC+ meeting
01.08 Oil Prices and Weakening of the Dollar
01:21 Brent
01:51 Gold
02:23 USD and the expected pause in the Fed's tightening policy
02:41 USD/RUB
03:35 Conclusion

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