Last week, oil attempted to rise but ended up losing its upside momentum, weighed down by the news from the United States.
Friday's rise was largely due to data on US durable goods orders, which suddenly rose by 1.1%. This means that consumer spending in the United States remains robust. Given that there are no plans to increase oil production, energy demand is expected to rise as well.
Accordingly, the risk of local energy shortages increases, which is the main driving force for oil prices. However, today, the market will probably stand still as Europe and the United States have a day off.
From a technical point of view, Brent crude returned to the recent high, but so far no clear signal of a continued uptrend has come. To extend gains, the quote needs to consolidate above the level of $79 per barrel. Otherwise, the asset will trade sideways in the range of 74 to 77.50.
Meanwhile, gold continues to trade just above $1,940 per ounce. Notably, the quotes have fallen to this level three times in the last few days. It can be assumed that this mark is a kind of local low, below which the quotes cannot yet dip. That is, the market is waiting for a driver to rebound. However, this is unlikely to happen today due to a day off in the United States and Europe.
Speaking of the Russian currency, it is still moving at around 80 rubles per dollar. However, it tried to go below 79 rubles per dollar in after-hours trading on Friday. Notably, the ruble is becoming more aggressive and pronounced in its attempts to gain value. So, stabilization in the range of 79 to 80 rubles per dollar seems inevitable. Moreover, given that the ruble is currently trading near the upper boundary of this range, it may soon shift to the lower one. But not today. Today, trading activity is going to be sluggish due to public holidays in Europe and the United States. Although the Russian market runs its own life, the global financial market still affects it. With a lull on global trading floors, trade in the Russian market is expected to be quiet and calm as well.
That's all for now. We continue to follow developments in the financial markets. Subscribe to our channel and follow the news with us. See you soon!

00:00 Introduction
00:12 The Main Reason for the Rise in Oil Prices
00:35 Today is a holiday
00:49 Brent
01:14 Gold
01:47 USD/RUB
02:50 Conclusion

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