The Euro trades on the Moscow stock exchange on Tuesday for the first time since the 24th of June crossed the mark of 73 rubles., according to the auction. At the peak of the Euro exchange rate rose to the level 73,14 RUB, 1.23 rubles. higher than the close of trading on Monday.
Simultaneously, the dollar rose to RUB of 1.1375 and reached 66,55 RUB, also became the highest level since June 24.
The growth rates of dollar and Euro increased, driven by the decline in world oil prices. In the course of trading on the ICE exchange on Tuesday the futures price of Brent crude for delivery in September 2016 fell to $44,14 per barrel, or about 1.2% below the closing level on July 25. The last time below this level the price of a barrel of Brent fell 20 April 2016.
“Oil prices continue to lose strength due to the lack of support from speculative demand. According to the CFTC and ICE, the net speculative position in oil futures WTI and Brent has been steadily decreasing since mid-June, mainly due to the reduction of long positions,” — noted the analysts of Raiffeisenbank.
According to Commerzbank the week ended 19 July was the sixth consecutive week of reducing net long positions in Brent. Over the past month and a half, the number of such positions has decreased by 67.5 thousand, now there are 100 thousand less than it was in April of 2016.
“In the short term, oil prices are likely to decline,” — noted in Commerzbank forecast.
On Tuesday evening the American petroleum Institute (API) will publish data on oil reserves in the United States. If the statistics disappoints investors, the price of Brent crude could fall to the April low, analysts of Sberbank CIB.
16:10 MSK cost of a barrel of Brent on the ICE stood at $of 44.23, the dollar on the Moscow stock exchange reached 66,4025 Euro — 73 rubles.