Ruble in the evening moved to a growth amid rising prices of oil

Ruble in the evening moved to a growth amid rising prices of oil

According to the Moscow exchange, the dollar calculations “tomorrow” increased to 72,32 rouble, the Euro rate decreased to 79,10 of the ruble against the background of rising oil prices, which is trying to consolidate above $ 37 per barrel of Brent.

MOSCOW, 29 Dec. Dmitry Mayorov. The ruble against the dollar in the evening partially compensated morning losses after the price of oil, attempting to settle above $ 37 per barrel of Brent.

The Euro fell to 79 rubles, having failed to consolidate above 80 rubles.

The dollar calculations “tomorrow” to 18.21 MSC increased by 0.09 ruble — to 72,32 ruble, the Euro was down 0.12 ruble — to 79,10 ruble, follows from the data of the Moscow exchange.

Oil sets the trend

The ruble against the dollar and the Euro during the Tuesday session ranged, tracking the dynamics of the oil market. So, in the morning, Brent dropped below 36.5 USD per barrel. This helped the dollar and the Euro to the new local highs (since December last year and late August, respectively).

However, in the second half of the day the price of black gold was to be adjusted upwards in the evening and trying to gain a foothold above $ 37 per barrel of Brent. The spread between Brent and WTI brands remains small.

It helped the rouble to regain part of the lost in the first half of the day. Weak dynamics of the Euro against the us dollar on Forex where currency around 17.00 Moscow time has lost 0.5 per cent, helped the ruble to get a plus for the Euro. The dollar, in turn, remained in positive territory against the ruble.

The preservation of market risk before the weekend, however, provides the pressure on the ruble.

The price of oil is trying to consolidate above 2.7 thousand rubles, although it has recently dropped below 2.6 thousand per barrel.

Forecasts and recommendations

Oil prices have left the ruble chances of a successful completion of the year, and, apparently, in 2016, the Russian currency will be included with new lows, says Vladimir Zotov from the Ural Bank of reconstruction and development.

“The oil market pessimism prevails. Yesterday Saudi Arabia announced that in 2016 the budget deficit will amount to 15% of GDP, which was below expectations of 20%. However, lower prices for “black gold” doesn’t scare largest oil producer”, — said Zotov.

“Low oil prices is the new reality, at least for the next year, however, Saudi Arabia is ready for such a scenario and intends to maintain the current level of production. Thus, it is necessary to accept a further price drop that will put pressure on the ruble,” he continues.

The survey

What will happen to oil prices in 2016?

  • Will collapse to $ 20 per barrel
  • Will remain at around 30-35 dollars
  • Edge up to 45-50 dollars
  • Soar to 90-100 dollars

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