Oil has reached its high despite a report from the American Petroleum Institute showing a considerable increase in the US crude inventories. Today, the quotes are facing a slight correctional decline. Market participants prefer to focus on positive news about trade negotiations and the OPEC meeting. However, traders’ sentiment can be easily affected by any negative background. The Organization of the Petroleum Exporting Countries and its allies seem to have agreed to extend oil supply cuts next year. Russia has also supported this decision. The OPEC meeting will be held on December 4 in Vienna. Till this moment, the oil prices are very likely to follow the bullish trend. Meanwhile, investors may start taking profit amid rising optimism in the markets. At one point, the Brent crude was trading
at 63 dollars 20 cents. Expectations about possible progress in trade deal between US and China continue to support oil prices. The day before, oil prices rallied amid trade deal optimism that had offset other negative factors. However, today, traders turned their attention to US crude stockpiles which have been growing over the past 11 weeks. Early in the day, Brent oil has extended lossesand reached 64 dollars 06 cents per barrel. West Texas Intermediate oil fell to 58 dollars29 cents a barrel. Official inventory data from the US Energy
Information Administration is due later onWednesday. This data will provide more details to early forecast from the AIP. The dollar/ruble pair has opened the session trading near the level of 64. Amid neutral economic background, the pair is unlikely to show any volatility in the nearest future. Tomorrow, the US markets will be closed on Thanksgiving Day. Friday was announced a shortened trading day as well. Placement of the federal loan bonds is unlikely to influence the ruble’s trajectory. Release of the macroeconomic data is not expected to have any significant importance for the Russian currency. Market participants are currently focusing on trade negotiations encouraged by positive comments from the both sides. Risky assets, including the ruble, are supported by this sentiment. Trade deal optimism still serves as a major driver for oil buyers. Oil prices are expected to fluctuate in the nearest future amid trade news.