FXStreet (Edinburgh) - Strategist at TD Securities Paul Fage sees the chance of going long USD/RUB against a backdrop of lower crude oil prices. Key Quotes “Over the next several weeks, we expect that US crude inventories will be higher than seasonal factors suggest, convincing the market that supply is more than plentiful. Furthermore, US production has remained steadfast, OPEC is signalling an increase production, and Iran seems ready to flood European markets as it attempts to grow market share. We expect WTI to break below $40/bbl in the not too distant future”. “The main driver of USDRUB continues to be oil prices” “We recommend long USDRUB positions with a target of 69.10, and a stop of 64.4”. “We also stress that our year-end forecast for USDRUB is 68.30, which incorporates most of the factors mentioned above, but also reflects a WTI forecast of $45/bbl, with oil prices only temporarily falling below that mark”. For more information, read our latest forex news.