Further increase in oil is questionable

FX:EURUSD   Euro / U.S. Dollar
The relative calm of financial markets on Thursday. Important statistics were not published yesterday. There is nothing expected to change the current situation on Friday. So, it means we continue to work in the previous vein.

While there is a cooling-off period for the main issues of concern, let's talk a little about the future of the oil market.

The International Energy Agency (IEA) drew the attention of oil market participants to the fact that its more than 40% growth in 2019 is entirely due to the supply factors: OPEC +, sanctions against Iran, the problems of Venezuela and Libya - All this contributed to a reduction in supply in the market and higher prices.

So,the IEA experts believe that in the second half of 2019 the market focus may shift from the supply factor to the demand factor. And in this case, the situation does not seem to favor buying oil . Recall the IMF lowered its forecasts for the growth rate of the global economy once again. It means a slowdown in oil demand For the oil market. Sum up the demand may not grow strongly enough to push oil prices up in the future.

Concern about the failure of the second half of 2019 for oil is increasing by statements from OPEC that the cartel may increase oil production after June.

And although the things voiced by the IEA relate to the medium term, it is worth keeping them in mind when making long-term trading decisions. Nevertheless, here and now, trading on the intraday basis is still relevant. But the stops on buying must be set and be made as small as possible.
A possible quick correction in the oil market is a reason not only to think about oil sales but also about the sales of the Russian ruble , which recently has greatly reduced the level of correlation with oil quotations, however, it remains totally dependent on asset prices. Moreover, the current price of the ruble is very favorable for its sales.

Recall that in addition to intraday buying of oil and ruble selling on all time horizons, we are looking for points for intraday buying of gold , as well as sales of the dollar on almost all fronts (with the exception of the Japanese yen).
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