The dollar and the Euro fell in early trading on rising oil

Moscow. On 4 January. The US dollar and the Euro fell markedly on “Moscow exchange” in early trading Monday, the ruble strengthened on renewed growth in oil prices.

The first transactions in US dollar were in the range of 72.80-73,72 rubles/$1, in the first minutes of trading, the exchange rate amounted to 72,826 RUB/$1 (-76,4 a penny to the previous closing mark). While the Euro was at 79,701 rubles/EUR1 (-73,3 penny). The bi-currency basket amounted to 75,92 ruble (-75 cents).

The dollar was thus to 10.39 a penny below the current official rate and Euro 6,15 kopecks above the official rate.

The strengthening of the ruble is associated by experts with the current rise in oil prices, which grow during trading on Monday after Saudi Arabia broke off diplomatic relations with Iran because of the attack on the Embassy in Tehran. The cost of the February futures for Brent crude on London’s ICE Futures exchange at 10:10 Moscow time rose by 1.1% to $37,69 per barrel. Futures price for WTI crude oil for February in electronic trading on the new York Mercantile exchange (NYMEX) has increased by this time by 1.3% to $37,52 per barrel.

According to a statement on Sunday, Saudi foreign Minister Adel al-Jubara, all Iranian diplomats must leave Saudi Arabia within 48 hours. As the causes of the gap, the foreign Minister of Saudi Arabia called the attack a crowd of demonstrators at the Saudi Embassy in Tehran, says BBC.

Previously Saudi Arabia had executed 47 people sentenced on charges of terrorism, among which was a famous Shiite preacher Nimr al-Nimr. On Saturday, Iran’s foreign Ministry summoned chargĂ© d’affaires of Saudi Arabia to Tehran to Lodge a protest in connection with the execution of an-Nimr.

According to the International energy Agency (IEA), the share of Middle East countries account for around 30% of world production of oil. Saudi Arabia ranks first in oil production among OPEC countries, Iran is the fifth. Almost all of the middle East conflict, Tehran and Riyadh hold opposing points of view.