In the afternoon of Monday, oil prices have continued to go down. Brent crude oil fell to $ 61.91 per barrel (-2.14%), while futures of WTI fell to $ 58.42 (-2.03%).
Analysts point out that first of all, yesterday's oil pressure is due to an increase of investor caution. In connection with Greece, they have become more cautious towards risky assets.
Further strengthening of investors’ caution could continue to put pressure on oil and similar assets. “Global financial markets may experience even greater stress due to growing uncertainty about the prospects of the eurozone” – Bloomberg quoted Rajiv Biswas, the chief economist at IHS Global Insight. - The run into safe assets could hit the Asian emerging market currencies, securities markets, and local bond market, as investors seek to balance their portfolios. "
An additional risk to the black gold is the agreement on Iran and the country's willingness to quickly provide big amounts of oil to the market.
"There are still expectations that the negotiation process is not over and will continue during July. Although I have a relatively pessimistic view on the oil market in the foreseeable future, all the same, "the Iranian threat" as a major supplier seems to me not so relevant. In the long term, exemption of Iran sanctions will increase the supply in the market, but in short term, except from the initial shock, I do not expect anything more. Technically, only the sharp drop in prices of Brent below 60 will allow talking about the beginning of a medium-term trend on the decline. At the moment, we stay within the outset ", - says an FxPro analytic.
The decline of oil prices and worries about Greece joined the list of reasons for the sales of the Russian currency. Russian companies need the currency to pay foreign debts in July, while foreign shareholders converted ruble dividends in dollars and euro, and the Bank of Russia continues to buy $ 200 million per day to replenish its reserves. In such circumstances, the ruble is likely to be under pressure.