The dollar on the Moscow barrioteca around 63 rubles
Oil drops amid OPEC meeting+. Rosstat recorded a sharp rise in prices. Ruble rises against the dollar and the Euro.
OPEC meeting, which takes place in Vienna, is likely to end with increased oil production by 1 million barrels per day. Such a solution, judging by the comments of participants will be reached during the meeting. The increase in production is to not overheat the oil market, which grew from the middle of last year, almost double. Therefore, the correction that is now observed in the energy market, is quite natural and even useful for the future balancing of demand and supply.
High oil prices, a cheap ruble and the low profitability of oil refinery inflated fuel prices this year. The rise in prices for gasoline and diesel, has led to a rise in the producer price index. Rosstat recorded in may, the growth of producer prices by almost 4%, while growth for the year was 12%. Obviously, manufacturing inflation at 12% will drag him up and the consumer inflation, which is now in Russia is 2.4%.
On this background the dollar on the Moscow exchange holds around 63 rubles 20 kopecks, the Euro is trading at 73 rubles 65 kopecks. The MICEX index holds near 2250 points, quotes of Brent crude oil traded just below $ 74 per barrel. Bitcoins according to CoinMarketCap dropped back to 6500 dollars.
Some recovery, which we have seen in the Russian financial market has quickly enough come to naught. The Russian stock market once again fell into a state of drift. The ruble gradually strengthened against the dollar and Euro amid falling oil prices. However, support for domestic currency now is having tax week. Most likely working the next five days we will see the weakening of “wood”. Pretty unlikely that the dollar will be able to fall below the level 63 of the ruble. We had already repeatedly warned that the summer will be enough not just for the domestic currency and believe that by September we should see new highs in the main currency pair in the foreign exchange market.
The head of the analytical Department of the company,