The ruble weakened amid falling oil prices

Рубль ослабел на фоне падения нефтяных цен

The price of oil has updated the lows of seven months.

The price of oil has updated the lows from November of last year. Thus, the cost of the August futures for Brent crude fell below $ 46 per barrel – a dollar 45,89 at a minimum, according to the auction.

Futures price for WTI crude oil for July fell to 43.4 $ per barrel. Quotes Brent traded at the lowest level since November 29, WTI – since 14 November last year.

Amid falling oil prices weakened the ruble. The Euro rose more than the ruble and the dollar for the first time since mid-March rose above 59 rubles.

Now Brent is trading at 46,16 of the dollar, the dollar on the Moscow stock exchange reached 59,05 of the ruble, the Euro rate of 65.84.

As noted by Interfax, the main source of negativity is the concern that the actions of OPEC will be useless in reducing global fuel reserves.

For example, the volume of commercial oil reserves in the United States is still above the average for this time of the year for the last five years, 100 million barrels.

We will remind, in December, Russia became the world’s largest oil producer, shifting in this indicator Saudi Arabia.

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