The price of oil Brent for the first time since April fell below $42


During Friday’s trading on the stock exchange ICE cost of Brent crude for the first time since April 18, 2016 fell below $42 per barrel. At a minimum futures price for Brent oil for delivery in September 2016 fell to $of 41.85, which is of 1.99% below the closing level Thursday.

From the beginning of June, when the price of a barrel of Brent rose to nearly $53, the price of oil fell by more than 20%.

Analysts attribute the fall in oil prices with fears of investors concerning growth of supply due to the increase in the number of working U.S. rigs and the resumption of oil exports from a number of Libyan ports.

“This means that we are close to “bear market” in oil. Not retaining the level of $43, you must migrate the purpose below the level of $40, and it is the prospect of another 6% reduction, with all the consequences for the ruble exchange rate. The passage of the pair dollar/ruble level 67 will open the way to 69″ — said the chief analyst of Bank VTB 24 Stanislav Kleshchev.

In the course of trading on the Moscow stock exchange on Friday, the dollar reached 67.3 per RUB, at 68.5 kopecks. above the closing level of the previous trading session. Simultaneously, the Euro rose to 74,53 RUB, which was the highest reading since June 6, 2016.

12:25 MSK cost of a barrel of Brent on the ICE stood at $41,91. The dollar on the Moscow stock exchange reached 66,9975 Euro — 74,3875 RUB.