Oil quotes are likely to end the week around $110/bbl. – Sber CIB
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Oil quotes are likely to end the week at about $110 per barrel of Brent, analysts at Sber CIB believe.
“Brent quotes on Friday morning fell to $108.8/bbl. If the oil market ends the fall for the third week in a row, this will be the longest correction this year. Its main reason is concern due to a potential recession, which will lead to a decrease in energy demand However, analysts believe that oil prices will not break through important technical levels and end the week near $110/bbl,” the bank’s experts predict.
According to Sberbank experts, the ruble will stay close to 51/$1 on Friday.
„Profit-taking in OFZ continued: yields increased by 2-10 bp. However, according to analysts, there are no prerequisites for the correction to drag on for another few days. The OFZ curve is 40-60 bp higher even the base scenario of the Central Bank at the key rate at the end of the year (8.2%), while the dynamics of inflation so far corresponds to a rather optimistic scenario. In this regard, the market may stabilize in the coming days,” experts write.