USD/RUB slumps to 75.50 on stronger oil

By FXStreet FXStreet (Edinburgh) – The Russian Ruble is intensifying its upside momentum vs. the dollar, now sending USD/RUB to clinch lows in the mid-79.00s.

USD/RUB losses altitude on oil rally

The barrel of Brent crude is advancing nearly 6% following comments by Russian energy minister A.Novak, who slipped the chance that Russia and OPEC producers could cut the oil output by around 5% (each country).

RUB appreciated towards the mid-79.00s vs. USD in the wake of Novak’s comments, although it is shedding some of those gains at the time of writing. Furthermore, the pair is seeing an abrupt drop after recent historical peaks in the 86.00 neighbourhood (January 21), all amidst the increasing volatility in crude oil prices.

USD/RUB levels to watch

At the moment the pair is losing 2.38% at 75.99 facing the next support at today’s low at 75.48 followed by 71.66 (55-day sma) and finally 68.88 (8-month uptrend). On the other hand, a breakout of 82.32 (high Jan.26) would aim for 82.47 (high Jan.20) and then 85.99 (historical high Jan.21).
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Source:: FX Street