Oil declines against the dollar strengthening
hours trading on the energy market opened lower quotations, but after reaching the futures Brent crude level of 76,4 dollars, the market could turn around and start a correctional movement, which allowed the contract rate of $ 77 wager on which he spent the remainder of the session, ended the day at 77.1 dollars per barrel.
Today, the morning session energy market resumed its decline. Futures on Brent struck the level of 77 dollars, which yesterday supported him and went to yesterday"s lows. By 12.30 reduction increased, resulting in holes in yesterday"s lows and reached the level of $ 76 per barrel.
In the future we expect to keep the negative dynamics against a background of strengthening the dollar in international currency markets. However, players should remember that the main news that could seriously affect the market - a report of the Ministry of Energy reserves of oil and petroleum products in the U.S. - because of the holiday moved to Thursday.
From a technical point of view, futures on Brent, after the failure of the breakdown of the upper boundary of the channel 75 - 80, draws a wave to its lower boundary, which may have a contract support.
Meanwhile, Russia"s stock market after a positive opening on the left negative territory, helped by lower oil prices. By the current moment the MICEX index lost just over 1%, came very close to the level of 1460 points. In leaders reduction Gazpromneft and Uralsvyazinform, losing about 2.5%. In the "plus" traded securities OGK-5 (0.4%) and Sberbank (0.2%). We expect further negative dynamics of the market and achieve the MICEX index support at 1,460 points. "Bears", using the external background, try to break this level and to gain a foothold below. If the report Citigroup not change the mood on the markets, it is quite possible that the negative dynamics will continue until the end of the day.
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