While trading activity on forex is gradually coming to a standstill, oil prices are consolidating recent gains. Today, Brent Crude Oil is trading modestly higher around $63.60 a barrel. The benchmark crude grade is keeping the momentum for several reasons. The Forties pipeline in the North Sea is brought to a halt. Besides, oil rally finds support from voluntary supply cuts by OPEC and a group of non-OPEC producers including Russia. Interestingly, North American oil grade is also creeping higher, though US energy companies are ramping up oil output. WTI Futures are trading at about $57.48 a barrel. Meanwhile, market participants await a weekly update on US oil inventories from the American Petroleum Institute.
The ongoing oil rally is bullish for commodity currencies. The Russian ruble is no exception. The USD/RUB pair is trading around 58.60. Apart from advancing oil prices and weakness of the US dollar, the ruble receives a boost amid a tax filing period in Russia. Its peak is expected on December 25th. Besides, the ruble is gaining ground on the back of growing demand for federal loan bonds.
On the other hand, forex interventions tame the unwanted advance of the Russian currency. Since December 7th, Russia's finance ministry has intervened on forex with daily purchases at 12.7 billion rubles. The ongoing program will terminate on December 28th.