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04.02.2019: Oil trading at highs while ruble traders await Bank of Russia’s meeting

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Today oil prices are moving in a bullish trend amid the news about disruption of supplies from Venezuela.
Last week US authorities imposed sanctions against state-owned Venezuelan oil companies which can cause a serious crisis in the country. To make things worse, US President Donald Trump acknowledged a possibility of military interference. So, this news provides support to oil prices.
The Brent crude benchmark is trading above 63 dollars per barrel. Analysts expect the upward trend to remain strong thanks to the OPEC+ deal on production cuts of 890 thousand barrels per day in January.
The latest news from the United States also encourages oil buyers. The report from Baker Hughes showed a temporary slowdown in crude oil production. The number of active drilling facilities in the US decreased by 15 to 847 units.
This factor provided support to WTI benchmark that is trading near 55.50 dollars per barrel. Analysts anticipate that the commodity will maintain the current bullish momentum throughout the day.
Probably, it will also influence the commodity currencies. Today the USD/RUB pair is rising slightly, having retreated from the level of 65.40 and added 20 pips.
Currency strategists say that the stronger greenback and interventions of the Bank of Russia put the ruble under pressure. However, traders do not hurry to make their trading choice ahead of the central bank’s monetary policy meeting.

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