Production cut in Russia pushes oil prices up – News

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February 14, 2023, 14:11 – BLiTZ – News In Russia, the decline in production and growth in consumption in China had a positive impact on the oil market. At the same time, much depends on the decisions of the Fed on the base rate in the US. It can be for black gold, as well as for gold and the ruble. About it writes FBA “Economy Today”.

It is reported that the number of drilling rigs in the US has increased to 609 units, and traders will be able to use this fact to lower oil prices.

Experts from the financial analytics department of FBA Ekonomika Segodnya* claim that the oil market is doing well. According to them, by the end of the month, black gold will rise to $90 per barrel.

It is noted that inflation will determine the decisions of the Fed on the size of the key rate that affect gold. Traders expect that US inflation will slow down to 6.2% and support gold quotes.

It turned out that the yield on US government bonds increased to 3.75%, and the dollar index DXY rose to 103.6 points. The market is awaiting new US data on GDP, industrial production, inflation and retail sales.

The ruble goes towards 75 units On Friday, February 10, the ruble fell by 0.5%, to 73.40 units per dollar. The Central Bank left the key rate at 7.5%. The regulator estimated the fall in GDP in 2022 at 2.5% and improved the forecast for the current year to the range of -1/+1%.

Against the situation in Russia is the expectation of the tenth package of EU sanctions, which may include restrictions against four banks.

Earlier, economic expert Al-Jawabara reported a sharp jump in oil prices. Read more in the BLiTZ article.

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