The collapse of oil released, the ruble in free fall
Thursday, may 23, the Russian national currency had to retreat under the powerful pressure of the dollar and the Euro. In the end, the close of trading Thursday, the dollar exchange rate calculations “tomorrow” increased by 45 kopecks (+0,7%), to 64.84 rubles, and the Euro has grown even more confident on the 66 kopecks (+0,91%), of 72.48 to RUB the Collapse in the oil market, the ruble pulled over.
The price of Brent crude oil may 23 at the London Intercontinental exchange fell by 6.3%, to $66,78 per barrel. Negative role played by the fears in world markets that the escalation of the trade conflict between the US and China could slow global growth and reduce demand for oil. Russian energy Minister is also not happy: in an interview with an Arab newspaper, he said that in 3-4 quarters 2019 in the United States can greatly increase the production of shale oil, will be removed as infrastructure constraints on production in the Permian basin. Morning Brent is trying to restore growth, adding 0.9 percent to close gloomy Thursday.
And in Russia, negative markets added Rosstat, revoke published 22 may data on industrial production growth for January-April 2019 because of an error in the calculations. The Ministry explained the error given him incorrect information on the oil and gas production in the Yamalo-Nenets Autonomous district, in connection with what had to be recalculated production growth for April, which amounted to 4.9%, and 4.6%. Individual inaccuracies Rosstat arise not for the first time, but the Agency still has never publicly admitted to having published incorrect information. This event is partly generated negative background of the ruble, together with falling oil prices.
We expect that the ruble in the morning I’ll try to consolidate after yesterday’s fall. Improving predictions in pairs dollar/ruble and Euro/ruble to 64.2-65.5 rubles to the dollar and 72-73 RUB for Euro.
“Information-analytical center “Alpari”