Today, oil prices are consolidating near the recent highs after the yesterday surge on the back of reduced geopolitical risks. The Brent Crude Benchmark is trading at $74.60 per barrel. Uncertainty over the US sanctions against Iran influences the oil price dynamics. Earlier French President Emmanuel Macron pointed out that Donald Trump inclines to announce a new sanctions list On May 12th, the final decision will be made, thus shaping sentiment in the crude market. The WTI Crude Oil came off $68 per barrel, being under pressure. Market participants are waiting for a drilling activity report from Baker Hughes.
The data will hint at further changes in the shale oil production. Today, crude prices and commodity currencies are trading in different directions. The Central Bank of Russia monetary policy meeting supported the ruble. The Central Bank of Russia decided to leave the key interest rate unchanged, and the market did not react to the monetary policy meeting results. For now, there are no negative factors that can undermine the ruble. So, the pair is expected to return to the mark of $62 per dollar. The USD/RUB pair is likely to close this trading week in the positive territory. Next week, the US Fed will announce its key interest rate decision. The ruble is expected to experience a sell-off.