Brent oil returned to above $40

Brent oil quotes on Wednesday, September 9, returned to levels above $40 after falling below this mark on Tuesday.

By 19.20 Moscow time, a barrel of Brent was worth $41. By this time, the dollar had fallen from 75.9 to 75.4 rubles, the euro - from 89.4 to 89.0 rubles.

Support for the ruble could be the successful placement by the Ministry of Finance of "long" 10-year OFZs for 111 billion rubles: it allows you to practically guarantee the implementation of the placement plan, writes Kommersant . In addition, Rosstat gave an improved estimate of the fall in GDP in the second quarter - 8% instead of 8.5%.

The dynamics of oil was determined by technical factors, combined with the recovery of stock markets after the sell-offs of last week and the beginning of this week, writes Bloomberg. “There is a feeling in the markets that the fall the day before was excessive. Combined with what is happening with securities, this helps to believe in the prospects for the oil market,” Phil Flynn, chief market analyst at Price Futures Group, told the agency.

Signals for the market were the failure of oil quotes below the 100-day moving average and the 14-day Relative Strength Index (RSI) of oil futures below 30 for the first time since April, indicating oversold conditions, the agency writes.

There was no movement in the physical oil market. Despite the approaching repair season at refineries, their utilization will remain no higher than 75% until the beginning of 2021, and the refining margin at US refineries for gasoline and diesel fuel has fallen to $ 10 per barrel - a seasonal anti-record for a decade.

We talked in detail about the main factors in the dynamics of the ruble and oil until the end of the year here .