Oil traders fix their profits today, so oil futures are trading lower. The Brent Crude Benchmark is hovering near the level of $56.82 per barrel. Geopolitical factors that have recently boosted a rise in Brent prices also produce little effect. Restoration work is carried out in oil fields in the Iraqi region of Kirkuk, so oil production in Kurdistan may be resumed. The report of the Energy Information Administration also contributed to a fall in oil prices. The report revealed that the stocks of gasoline and distillate fuel oil in the United States increased. Today, market participants are waiting for the oil rig count data from Baker Hughes.
No matter what the outcome of this publication will be, investors are likely to continue fixing their profits. Anyway, experts predict that the Sweet Light Crude Oil will not slip below $50 per barrel. Meanwhile, the Russian currency is closely following oil prices. The USD/RUB pair is approaching the level of 58. Next week a new tax period in Russia will start, so the ruble is likely to gain ground on the back of this. Probably, oil prices and the Russian currency will move in different directions.