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Oil prices are above $25 a barrel amid news that OPEC, Russia, and the US are planning to sign an agreement to stabilize oil market. The countries are debating oil output cut of 10 million barrels a day.
The Russian national currency is supported by expectations of the oil agreement.
Analysts suppose that the current levels of the US dollar and the euro are rather attractive to open buy deals.
Traders can buy both the US dollar and the euro. However, it is recommended to have a reserve, if the correction becomes stronger.
The main reasons for such recommendations:
a) In Russian, coronavirus is just approaching its peak. At the moment, a number of infected people in Russia is the same as in New York three weeks ago. We hope that Russia will not follow the New York's scenario. However, a number of new cases advanced by 1,100 whereas in Moscow a number of infected people grew by 700 or 15%. Such pace points to a significant rise.
My forecast is the same as it was on March 30th. Before April 15th, a number of new virus cases will climb by more than 10%. By this date, Moscow will have 15-30 thousand of infected people.
b) The coronavirus impact on the Russian economy cannot be seen at the moment. However, we will see it in the near future.
c) Oil prices may drop amid global crisis and OPEC agreement.
Observe the quarantine. Good luck.
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