The ruble strengthened against the dollar and the Euro on Friday afternoon due to increasing oil

The ruble strengthened against the dollar and the Euro on Friday afternoon due to increasing oil


Moscow. January 6. The U.S. dollar and the Euro are slightly reduced at the auction “Moscow exchange” on Friday afternoon; the ruble strengthened due to the growing oil and a “thin” market in mezhprazdnichnoe period.

The US dollar made up 59,38 rubles/$1 at 15:00 Moscow time, which is 7 cents below the closing level of the previous trading session. While the Euro was worth of 62.88 rubles/EUR1, down 6 cents. The cost of the currency basket ($0.55 and EUR0,45) fell by 6.55 cents, to 60,955 ruble.

The Bank of Russia on Friday has not changed official rates of dollar and Euro, which from January 31 to be 60,6569 rubles/$1 and 63,8111 rubles/EUR1, respectively.

According to experts of “Interfax-CEA”, the smooth growth of exchange rate of the ruble against the dollar and the Euro in the first half of the day 6 January is attributable to the continued increase in world oil prices, which have responded positively to evidence of declining stocks in the United States and information about production cuts by Saudi Arabia. The cost of the March futures for Brent crude on the London ICE Futures exchange to 15:00 Moscow time has risen on 0,76% – to $57,32 per barrel. Futures price for WTI crude oil for February in electronic trading on the new York Mercantile exchange increased by that time by 0.67% to $54,12 a barrel.

As it became known yesterday, the oil reserves in the U.S. last week fell by 7.05 million barrels. Experts interviewed by the WSJ, the average predicted reduction of production by only 2 million barrels. Gasoline inventories increased for the week by 8.3 million barrels, distillates – by 10.1 million barrels.

Meanwhile, Saudi Arabia has reduced oil production in accordance with the agreements between OPEC countries and other oil-producing States for which the volume of recovered oil should be reduced to not less than 486 thousand barrels per day (b/d) Oct 2016, reported the newspaper The Wall Street Journal informed source. According to the source, oil production in Saudi Arabia decreased approximately 10,058 million b/d, which corresponds to the level agreed under the agreement of OPEC.

Source