Oil prices can derail the ruble

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OPEC+ plans to increase oil production. Quotes have already responded to the rapid decrease. Rosstat has reported a sharp rise in the standard of living of Russians.
Early in the information space has already appeared information about the fact that the parties to the transaction OPEC’s plan to renegotiate the terms of the agreement. On the eve of the St. Petersburg International Economic Forum Alexander Novak confirmed this desire. The Minister refused to name any specific figures, saying that they will be discussed at the next Ministerial meeting.
However, he suggested that the increase in production could begin in the third quarter of this year. Quotations of “black gold” was not long in coming and began to decline in the international commodity markets.
Against this background, one unit of American currency give 62 rubles 5 kopecks, the Euro traded at the level of 72 rubles 60 kopecks. The MICEX index dipped to 2300 points, the quotes of Brent crude oil traded in area of $ 77 per barrel. Bitcoins according to CoinMarketCap keeps around 7400 dollars.
Meanwhile, Rosstat reported about a sharp rise in Russians ‘ standard of living. According to the main statistical body of the country, real disposable incomes rose in April by 5.7%. Nominal income growth was 8.2%, and wages rose as much as 10.2% in comparison with indicators of last year. It is likely that race is the result of huge infusions of cash in March before the presidential election. Most likely in may, we should see at least a slowdown in growth.
As for the situation on the financial markets that we previously warned that the quotes black gold is preparing for a correction and now it started. Most likely the black gold will drop in the $ 74-75 area. This will inevitably lead to a rise in the dollar. We believe that at the end of may the dollar to consolidate the range from 62 to 63 rubles.
Gleb Zadoya,
The head of the analytical Department of the company,