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Oil Markets Jump As Texas Freeze Hits; PPI In Focus

RUSSIA
  • USD/RUB pares an early breakout gap lower as a bout of $ buying pushes spot back towards 73.40.
  • Oil markets moved higher again overnight as a major cold front shut wells and refineries in Texas, driving futures prices higher.
  • Focus today on PPI data for signs of more inflationary concerns for the CBR to monitor: exp at 1.1% m/m (vs 1.5% prior) & 4.3% y/y (vs 3.6% prior).
  • Similar to ZAR, sell-side remains bullish RUB and happy to fade rallies in USD/RUB with 2021 targets mostly in the $71-70 range.
  • Sup1: 13.1499, Sup2: 72.8217, Res1: 73.4202, Res2: 73.5479
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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