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The ruble has fallen due to the Brent crude oil collapse from its 2-week peak

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The ruble has fallen due to the Brent crude oil collapse from its 2-week peak

The ruble has fallen due to the Brent crude oil collapse from its 2-week peak
September 09
15:00 2016

On Friday’s session the Russian ruble is falling amid the descended from the 2-week peak oil prices. Previously, the oil quotations were at the maximum points due to the news about the unprecedented reduction of raw material stocks in the United States.

Despite this, the ruble has been keeping a positive trend since the beginning of the week. This has happened due to the previous sharp oil growth and the fact that the ruble assets are attractive to foreign investors in the terms of the current level of the Bank of Russia key rate, which is equal to 10.50 per cent per annum.

The strengthening of the ruble positions was held back by the fact that the exporters did not want to sell foreign exchange earnings at an easy rate, while the volumes of the supply have reduced after the tax payment.

To the middle of the day the currency pair dollar / ruble calculations “tomorrow” was being traded within 64.25 on the Moscow stock exchange. This is 0.4 percent higher than the closing of the previous day.

Around the same time the euro calculations “tomorrow” was at the level of 72.41 rubles that is 0.5 percent above the previous closing.

Alexander Polyutov, Promsvyazbank analyst, said: “Today, after the strong growth, Brent can easily be adjusted to the level of $ 49 per barrel. Against this background, today the ruble is likely to be held in the range of 64,00- 64,50 per dollar. “

Brent crude oil is being traded within $ 49.43 per barrel now. It is 1.1 percent lower than at the close of trading the previous day. According to the results of Thursday Brent grew in price by 4.2 percent after the information of the Energy Information Administration (EIA), which reflected the decrease in the reserve stocks by14.5 million barrels over the last week.

The analyst Maxim Korovin predicts that in the near future import will be recovering and, probably, it can greatly outweigh its level of standards. The expert associates the decline in stocks with poor weather conditions in the Gulf of Mexico.

“In this regard it should be expected that the oil reserves will grow significantly in the next two or three weeks. Of course, this will push oil quotes down once again,” – said Korovin.

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