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RUB Brushes off Oil Gains as Sanctions Risks Escalate Post-Navalny Trial

RUSSIA
  • USD/RUB opens lower on further upside in oil markets, before retracing the move to close the breakout gap.
  • Brent was buoyed overnight by signs of progress towards a US stimulus package and a surprise draw in API oil inventories (-240k vs +1.1m barrels) ahead of today's OPEC+ JMMC - although no adjustments to output policy are expected at this meeting.
  • Focus for the remainder of the week will be international response to the Navalny verdict & end of week meeting with Borrell where sanctions are expected to be addressed.
  • USD/RUB remains caught in a broad range between 75.4225-76.3870, awaiting a breakout to confirm near-term directionality.
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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