The ruble and oil prices are rising after a decline the production of the Saudis

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Today, August 7, the dollar is adjusted downwards. At the moment on the stock exchange dollar quoted at 63,38 USD rubles, and the ruble strengthened 0.37% against the dollar. Euro weakens against the ruble, although very slightly, by 0.06% to close Monday, and now it is trading at a 73,44 RUB the Bank of Russia announced for tomorrow, August 8, the official exchange rates: 63,54 rubles per one U.S. dollar and 73,56 RUB for Euro. The strengthening of the ruble today helps the news that the trade surplus in Russia grew in the first half of the current year by 46.3% year on year.
Also assistant to strengthen the ruble stands rising price of black gold. Oil Brent today at the London commodity exchange increased by 1.5%, a barrel of Brent crude in today’s trading session at $74,76. News Agency Reuters reported today that according to preliminary data, Saudi Arabia has reduced oil production in July to 200 thousand barrels per day. According to our forecast in the coming days, Brent will cost approximately under $74,0-75,5 per barrel.
We believe that today at the end of the trading day the pair dollar/ruble will be closed by the decline of the dollar and, consequently, the strengthening of the ruble and Euro/ruble to fall slightly or remain neutral. Our Outlook for the pair dollar/ruble remains at levels of 63 to 64 rubles per dollar and Euro/ruble our expectation the same as before – 73-74 RUB for Euro.
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Natalia Milchakova,
The Deputy Director of analytical Department,
Alpari