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USD/RUB Marches Below 75, Analysts Eye API Inventories Amid Tight Oil Markets

RUSSIA
  • USD/RUB trades -0.36% lower this morning, continuing its march lower on the back of firmer oil prices and early selling pressure on the BBDXY.
  • As expected, no major breakthroughs came of US-Russia talks with both sides resolute on their red lines – but agreeing to more talks.
  • The US held firm against calls for non-expansion of NATO and Ukraine/Georgia accession, but signalled there could be room for mutual compromise on size and scope of military exercises.
  • Markets will be looking for signs of the next round of talks, and whether Biden & Putin will eventually meet, but more negotiations with high-ranking officials will likely still be necessary.
  • Oil markets continue to edge higher with API inventories due today with a -2mbbl draw expected.
  • Analysts continue to highlight concerns of a tight oil market, adding to upside pressures in Brent.
  • Intraday Sup1: 74.5023, Sup2: 74.266, Res1: 74.8956, Res2: 75.2853
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
BulletEM BulletEmerging Market NewsHomepage
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
BulletEM BulletEmerging Market NewsHomepage

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