The price of oil storming to new lows

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The Ministry of economic development presented a new Outlook to 2036. The Euro is decreasing against the background of negative statistics from Germany. Oil prices fell to new lows.
The Ministry of economic development of the Russian Federation provided a new forecast of 18 years. More and more it seems like a rough guideline “as much as we wanted it.” In General anything new is not in the project. Inherent in forecast inflation of 4% and the stability over the whole period. Even the student of economic University for such work would at best four rating.
Meanwhile, the Euro came under attack on the international currency market Forex on the background of negative statistics, GDP in Germany. In quarterly terms, the indicator fell by 0.2%, compared with the data for the second quarter. This is the first decline since the first quarter of 2015, which indicates not the best situation in the largest economy of the European Union.
On this background the dollar exchange rate on the Moscow stock exchange is kept around 65 rubles 60 kopecks, the Euro dropped to 74 rubles 65 kopecks. The MICEX index dipped to 2,355 points, and quotes of Brent crude oil fell below 62 dollars per barrel. Bitcoins according to CoinMarketCap continues to decline and is at around 3400 dollars.
Oil prices stormed to new lows. It is likely that in the near future we will see attempts to reduce Brent to the psychological mark of $60. This, of course, is a negative factor for the domestic economy and the Russian financial market. The ruble continues to demonstrate a unique stability.
As we said, this week, the chances of stability in the dollar/ruble remain. Then we, most likely, expects a gradual weakening of the “wood”. The recommendation is to buy in the range of 65 to 66 rubles remains relevant. Until the end of the year we expect to offset trading in the range of from 67 to 68 rubles.
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Gleb Zadoya,
The head of the analytical Department of the company,
ANALYTICS Online