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Oil quotes keep going down. Traders await the outcome of the OPEC+ meeting.
According to some sources, major oil producers discussed the cut in oil production in 2019 directly. Russia has already given its consent. However, the final decision is expected to be announced during the second meeting on Friday.
Oil prices are on the way down today. The Brent benchmark left the level of $60 per barrel. Experts believe the oil quotes may reach its last week’s lows.
The WTI crude oil lost about 2% approaching $51 per barrel. Investors are looking forward to see the Energy Information Administration’s report which is due today. The stockpiles of crude oil are expected to rise significantly.
The commodity currencies are completely under the influence of oil market today. The dollar/ruble pair has gone above 67.00 already.
The USD/CAD pair gained more than 2% getting close to 1.3440. The Bank of Canada announced its decision regarding the interest rate yesterday. Monetary policy remained unchanged, that matched the forecast. However, this news did not provide support to the loonie.
Analysts still predict that both the oil market and the commodity currencies will remain unchanged. The situation seems to be stable.
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