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Oil Weighs

RUSSIA

Summary

  • The rouble has traded softer early into the European session with USDRUB last at 73.9851, marginally above closing levels. Equities have been choppy so far.
  • Oil initially recovered from a short sell-off in the early hours before downside pressure resumed. Having hit a low of USD62.09, brent crude has rallied to USD63.54 before sliding back down to USD62.68 . Restarting wells in Texas and speculation over a possible increase in Saudi production is weighing in the background.
  • Bank of Russia Governor Elvira Nabiullina indicated that a rate hike this year has not been ruled out according to RIA Novosti.

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