The oil price fell another 1.2% after the decision of OPEC+ mining
The price of oil (September futures) to 15.17 GMT on 25 June decreased by 1.2% to 74,41 per barrel for Brent.
The market of “black gold” has been adjusted down after final news on OPEC’s decision+ according to the quantitative question of curtailing transactions to reduce production at 1.8 million barrels per day from the level of October 2016.
In particular, the participants agreed at the weekend to stop the fulfillment of the transaction and come to its overall performing at 100%. In practice, this would mean increasing production by 1 million barrels per day to current levels, Russia’s contribution will amount to 200 thousand barrels.
The ruble has not yet noticed a decline in the market of oil and remains stable to the closing levels of last week.
Support comes from the peak of the June tax period, when the banks release the funds in the budget of the mineral extraction tax, VAT and excise taxes, boosting demand for ruble liquidity. In addition, verbal intervention the ruble added confidence. So, Deputy Finance Minister Alexei Moiseyev confirmed that his Department against currency control in the Russian Federation, as it is not only unhelpful, but also harmful for the Russian economy under sanctions. Therefore, the Finance Ministry will consistently insist on its abolition, said Moses.
In the end, the dollar 15.01 MSK decreased by 0.3% to 62.73 ruble, the Euro rose 0.1 percent to 73,35 of the ruble. Ruble price of oil dropped around the level of 4650 per barrel for Brent.
GK Forex Club