💌 BRENT - Inflation and Geopolitics 🕊️🌎

''One way to control inflation is to have cheap Oil around'' the Fxprofessor

News:
Brent crude oil price down below $67 per barrel on London’s ICE first since May 24
The price of WTI oil also went down by 2.52%

MOSCOW, August 19. /TASS/. The price of futures contracts of Brent crude oil for October 2021 delivery went down by 2.18% on London's ICE on Thursday to $66.99 per barrel, diving below $67 per barrel for the first time since May 24, according to the trading data as of 10:00 am Moscow time.

As of 10:25 am, the price of Brent oil was down by 2.11% compared with the previous closing at $66.79 per barrel. Meanwhile, the price of WTI oil was down by 2.52% at $63.53 per barrel.

The MOEX Index was down by 1.35% at 3,872.18 points, while the RTS was down by 1.74% at 1,645.99. The dollar’s exchange rate was up by 0.45% at 74.14 rubles, while the euro’s exchange rate was up by 0.09% at 86.55 rubles.

Geopolitics:

If prices of Oil and Natural Gas are TOO high, Russia is becoming TOO dangerous (in the eyes of Americans, not in my eyes. In my eyes Russia and America should be best friends and fix this planet💌☮️🕊️🌎).


-Russia is the world's largest producer of crude oil (including lease condensate) and the second-largest producer of dry natural gas. Russia also produces significant amounts of coal.
- In early June, when Brent climbed above $70 per barrel, Russian Deputy Prime Minister Alexander Novak said the oil price reflected the balance of supply and demand and was “good enough” for Russia.

Tell me what you think.

the FXPROFESSOR