Moscow. December 8. The ruble strengthened decline against the dollar and Euro on the Moscow stock exchange by Tuesday evening following the increased price of oil, the Euro for the first time since September 15 has reached 76 rubles
Euro reached the level of 76 roubles (+63 kopecks to the previous closing) at 16:29 Moscow time, the dollar rose to 69,86 ruble (+36 CPC). American currency is making new highs since the third decade of August.
The cause of the fall of the ruble – new fall of oil. The cost of the January futures for Brent crude on London’s ICE Futures exchange fell by 16:30 GMT to $40.1 per barrel, this is a new low since early 2009.
Last Friday the Organization of countries-exporters of oil decided to keep the actual oil production of about 31.5 million barrels a day. The members of the cartel agreed not to set quotas before its next meeting in June 2016.
The oil Minister of Iran Bijan Zanganeh said that OPEC’s decision means that “everyone can do what I want”. He estimates the excess supply in the market at $2 million. Iran is prepared to boost production immediately after the lifting of international sanctions against the country.
“It’s hard to find any bullish factors that could push oil prices up, says commodity analyst at Hyundai Futures Corp. Villas Yun. – The period of oversupply of oil in the world will be long lasting, because Saudi Arabia wants to cut production adjustments in connection with the return of Iran”.
The Ministry of Finance of the Russian Federation, the losses of the budget in 2016 at current oil prices and the exchange rate can be 2% of GDP.