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On Wednesday the ruble is falling against the dollar

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On Wednesday the ruble is falling against the dollar

On Wednesday the ruble is falling against the dollar
September 28
15:00 2016

At the start of the session on Wednesday the Russian currency has fallen against the dollar, but it is fluctuating in a narrow range. The market dynamics will depend on the data coming from the oil markets, as investors are staying still in anticipation of the negotiations outcome of oil-producing countries, OPEC members, in Algeria. The issues regarding the raw material extraction will be discussed there. In addition, the market dynamics will be affected by the information from the US Department of Energy about oil and petroleum stocks.

By noon the ruble has risen by 0.19 percent and amounted to 63.98 per dollar. The euro is being traded at 71.68 rubles. It is 0.05 percent higher than the session completion on Wednesday.

On Wednesday morning Brent crude oil has risen by 0.52 percent, being traded at $ 46.21 per barrel. It fell in price to $ 45.86 the day before. It was a reaction to Iran and Saudi Arabia’s possible denial of the production freeze agreement.

The Algerian informal meeting among the OPEC members and oil producers outside the cartel will end on September 28. So, experts predict the failure of negotiations on freezing oil production without the US participation.

Dmitry Polevoy from ING Bank said: “Against this background a slight decrease in the price of oil … looks understandable, but the excessive pressure on raw materials is not being observed against the yesterday’s comments. It is possible that the ruble will be traded close to the achieved levels before the verdict on the Algerian meeting. There are no other reasons for the large deviations. “

BCS expert Mark Bradford made a comment: “The weak prospects for the oil production freeze are putting pressure on the markets. Today, the OPEC will have an informal meeting in the framework of the International Energy Forum in Algeria. However, judging by recent comments of the key players (Saudi Arabia and Iran), it will have rather a consultative nature and it’s not worth waiting for real agreements. The potential problems of the largest German bank (Deutsche Bank) also contribute to strengthening of negative attitudes».

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