Ruble Gains Bullish Footing on Wednesday Amid Shaky Oil Prices

Updated:

Checkmark

Invest at least $250 in D2T to gain lifetime access to our VIP Signals

Checkmark

Get early access to Dash 2 Trade’s Presale. Buy the D2T token now

Checkmark

Existing community of 70,000+ traders

Checkmark

Unlocks access to the leading crypto trading analysis, signals and trading tools

Checkmark

As featured in CryptoNews.com, FXEmpire.com, FXStreet.com and more

Checkmark

World class development team backed by Quant developers and VC investors



In anticipation of three OFZ treasury bond auctions by the finance ministry on Wednesday, the Russian ruble (RUB) gained momentum as the market anticipated details on an oil export price cap.

Ruble On a Roll

The ruble was trading at 62.37 against the euro (EUR) and was 0.3% stronger against the US dollar (USD) at 60.48 in the early London session on Wednesday. It had also strengthened by 0.3% against the Chinese yuan (CNY) to 8.45.

shutterstock 2060030444 min

Following a months-long pause, Russia has dramatically raised its domestic borrowing in recent weeks. Last week’s auctions saw the finance ministry sell a record amount of government debt in a single day, and three documents will be auctioned again later on Wednesday.

As part of sanction efforts meant to penalize Moscow for its actions in Ukraine, traders are anticipating the announcement of a price ceiling on Russian oil exports by the Group of Seven (G7) nations, which is scheduled to go into effect on December 5.

According to a report from Sinara Investment Bank, the oil and gas industry on Russian stock markets is suffering from uncertainty surrounding Russia’s oil exports, but the announcement of the price ceiling today could provide clarity.

The price of Brent crude oil, the primary export from Russia, increased by 0.9% to $89.1 per barrel yesterday but surrendered gains today after falling to the $85.7 low.

Global Equities Also Making Bullish Strides

In the meantime, Wednesday saw declines in the Russian stock indices. The RTS index in US dollars fell 0.6% to 1,136.1 points. The MOEX Russian index, which is based on the ruble, fell 0.7% to 2,181.2 points.

In Asia, despite an increase in COVID-19 cases in mainland China, which has investors concerned about how much the new outbreaks may stall the recovery of the second-largest economy in the world, Asian equity markets were largely upbeat on Wednesday.

After US equities closed the previous session higher, MSCI’s largest index of Asia-Pacific shares outside of Japan increased by 0.3%. This month, the index has gained 12% so far.

 

You can purchase Lucky Block here. Buy LBLOCK

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9
Share with other traders!

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.