The Russian ruble is edging upwards versus the US dollar today as crude oil prices rebounded higher. Oil is making an attempt to return to its highest levels on the back of the out-of-control wildfire in Canada that disrupted oil sands operations near Fort McMurray. Therefore, the dollar-ruble pair is currently extending its decline, sliding below 66.00 levels. The dollar-ruble pair is trading around 65.87 after a slight uptick to the 66.00 area. Analysts assume the pair is likely to maintain its upward trend as “black gold” prices are expected to continue a gradual climb. Traders no longer pay much attention to crude oil inventories data. However, the stockpiles report published during late trades yesterday disappointed the markets as it indicated a larger-than-expected build in oil reserves in the past week. US oil inventories rose by 2.784 million barrels for the week, reaching a total of 543.4 million barrels. Analysts had expected a gain of 1.695 million barrels. North American crude oil continues its rally, ignoring the downbeat data. The international Brent benchmark shows a similar dynamic, yet advancing at a somewhat slower pace. North Sea crude oil prices have bounced off their lows, now trading at 45.56 dollars per barrel. Geopolitical factors signal that oil is most likely to stay on an upward trajectory and may possibly be trading at 47 dollars per barrel by the end of the week. The factors that fueled oil price growth have been rather gloomy news. The first reason behind the rally is the massive wildfire in Canada, forcing 88 thousand residents of Fort McMurray to evacuate their homes. Moreover, crude oil has been given a boost by escalating tensions in Libya threatening the country’s oil output and sending the prices into a bullish run. https://www.instaforex.com
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