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RUB Stalls as Oil Traders Lock in Profits on Fading Saudi Supply Risks

RUSSIA
  • USD/RUB opens slightly higher on the back of some profit-taking in oil markets as the realisation of no supply impact from the Houthi-Saudi attack filters through into futures market.
  • API inventories also rose 12.8m bbls vs 0.8m exp, weighing on prices ahead of EIA data later today.
  • USD/RUB has been slow to react to softness in the USD, hovering above 73.97 support.
  • Focus on US CPI for Risks to another rise in US treasury yields, which may keep EM markets jumpy today.
  • Novak's discussions on fuel tax breaks will be worth monitoring today, while sanctions headline risks continue to grow into next week when a coordinated UK/US response is expected.
  • Intraday Sup1: 73.97, Sup2: 73.4212, Res1: 74.5050, Res2: 74.8893
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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