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12.02.2019: Markets are calm ahead of US-China talks (BRENT, WTI, USDRUB, USDCAD)

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Oil prices are barely moving today. They are stuck in a narrow range ahead of the trade negotiations between the United States and China.
Both sides are eager to strike a deal, but there are still some disagreements which can remain unresolved until the 1st of March. It reinforces concerns over the further economic growth and demand for crude oil.
The Brent crude benchmark is hovering near the level of 62 dollars per barrel. Analysts predict that the price will be unable to rise above this level.
Besides, traders are still focused on the OPEC+ deal. Russia decided to put on hold reduction of production until April’s meeting of the cartel and other oil exporting countries that will be held in Vienna.
Meanwhile, the shale crude oil is trying to recoup the recent losses, approaching the level of 53 dollars per barrel. Market participants are waiting for publication of the API inventories data that can influence the further movements in oil prices.
Remarkably, the commodity currencies are trying to resist the pressure of the American dollar. For example, the USD/RUB pair retraced to the level of 65.70 after rising by 40 points. Both the dynamics of oil prices and political factors influence the ruble exchange rate. First, the outcome of US-China talks plays a significant role. Second, Donald Trump’s executive order expires on Friday, so there is a risk of another government shutdown.
The Canadian dollar is also trying to gain ground against the greenback, but its rise is limited. The USD/CAD pair is trading near the level of 1.3280.
Analysts expect no serious changes in both oil prices and the commodity currencies. Investors prefer to wait and see for the results of the US-China talks.

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