The ruble fell against the dollar and the Euro due to the continuing fall in price of oil


Moscow. May 5. INTERFAX.RU US Dollar and the Euro are rising at the opening of trading on the Moscow stock exchange on Friday morning, the ruble declines against the currency basket due to the continuing fall in price of oil.

The first transactions on dollar were in the range 58,64-58,78 rubles/$1, at the end of the first minute of trading, the rate was 58,72 RUB/$1 (+32 kopecks to the previous closing). Euro climbs to 64,39 rubles/EUR1 (+24.3 cents), the value of the currency basket rose by 28.5 kopecks relative to Wednesday’s closing level, to 61,27 of the ruble.

The dollar has been at 1.15 rubles above the level of the current official exchange rate of Euro 1.66 rubles higher than the official rate.

According to experts of “Interfax-CEA”, the ruble declines against the dollar and the Euro at the opening of trading due to the continuing fall in price of oil. Quotations of “black gold” continued to decline on Friday after the collapse of the eve to the lowest levels since November 29, 2016, the day preceding the conclusion of the OPEC agreement to reduce production. Falling oil prices contribute to expectations of increased production in Libya and continued strong growth of oil production in the United States.

The cost of July futures for Brent crude on London’s ICE Futures exchange at 10:01 Moscow time has decreased on 1,26% – to $47,77 per barrel. Futures price for WTI crude oil for June on the electronic trading on the new York Mercantile exchange (NYMEX) decreased by this time by 1.58% to $44,19 per barrel. At the end of trading on Thursday Brent crude fell by 4.75%, WTI – by 4.81%. On the eve it became known about the achievement of significant progress in negotiations to resolve the Libyan conflict, because of which oil production at the largest oil field in the country is conducted intermittently.

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