The price of a barrel of Brent fell below $44 first time since may


World oil prices fell sharply after the publication of the US Department of energy data about growth of stocks of oil in the country. Within a few minutes the cost of the futures on Brent crude oil with delivery in September 2016 on the stock exchange ICE fell below $44 a barrel for the first time since may 10.

At the height of fall of the price of a barrel of Brent fell to $43.62, which is 2.8% below the closing level on Tuesday.

According to the us Department of energy, during the week from 16 to 22 July, commercial oil stocks in the USA increased by about 1.7 million barrels or 3.2% from 519,5 million barrels to 521,1 million barrels. On Tuesday, the American petroleum Institute (API) reported that, according to him, the total reserves of oil in the US fell last week to 827 thousand barrels, which was also worse than expected — analysts had predicted a decline in inventory of approximately 2.2 million barrels.

The fall in oil prices has given new impetus to the weakening of the ruble. During evening trading on the Moscow exchange value of $1 exceeded 66 rubles, rising to a maximum of 66,385 RUB, by 43.75 kopecks. above the closing level Monday. Simultaneously, the Euro rose above 73 rubles, reaching at the peak level 73,03 RUB.

Earlier, analysts of Gazprombank made a forecast that the price of oil at $45-50 per barrel, the ruble exchange rate in the second half of 2016, will weaken to 70-75 rubles per dollar.

First Deputy Chairman of the Bank “Ugra” Yuri Melnikov predicted that the correlation between ruble and oil prices will gradually recover, but because in the coming days, all will depend on the oil market. “Unfortunately, good news is not expected,” he said, explaining that in order to lift the dollar above the mark of 67 rubles. “‘ll need a serious boost from the news background or external markets.”