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05.02.2019: Oil maintains bullish momentum (BRENT, WTI, USD/CAD, USD/RUB)

Oil prices resumed the upward trend after a slight correction.
The Brent crude benchmark is approaching the level of 63 dollars per barrel, having added about 1% from the previous session.
Signals about disruption of supplies from Venezuela triggered the rally in oil quotes. Recently, the United States imposed sanctions against state-owned oil companies of this country. Some experts call the current situation in Venezuela a catastrophe as crude oil is virtually spilling from the domestic storage tanks, but there is no opportunity to ship the commodity abroad. Thus, the supplies from Venezuela are likely to decrease significantly in the nearest future.
This factor provides support to oil prices. The shale crude benchmark is heading towards the level of 55 dollars per barrel. Today the American Petroleum Institute will release the oil inventories report during the US trading session. This report can set the tone for trading tomorrow.
At the same time, the commodity currencies continue rising against the US dollar despite the fact that the greenback gained ground yesterday during the American session. The USD/CAD retreated from the low at 1.3080 and then rebounded to 1.3100.
The Russian ruble is also strong enough to resist its American counterpart. The USD/RUB pair is trading near the level of 65.50 after rising by about 20 pips. Traders are waiting for the results of the Bank of Russia’s monetary policy meeting. However, movement of the ruble mostly depends on the dynamics of oil prices and the US dollar.
In addition, the Institute for Supply Management will release the non-manufacturing PMI reading today which can have an impact on further movements of the opponents of commodity currencies.

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