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Oil Bucks $ Strength, Reversing Early Losses; USD/RUB Drifting Higher

RUSSIA
  • USD/RUB slightly higher at the open, outperforming its EM peers TRY & ZAR due to resilience in oil markets.
  • Brent fell yesterday on rising UST yields and a strike risking a shutdown of major offshore oil fields was averted in Norway
  • but was then offset by lower output due to the Texas deep freeze and supercycle comments from GS & JPM.
  • USD/RUB squeezing higher on broad based risk-off and renewed $ buying.
  • Focus today on the NATO meeting where Russia is expected to be discussed as a threat - headline risks abound.
  • Res1: 73.9016, Res2: 73.4425, Sup1: 73.6488, Sup2: 73.4202
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com

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