The ruble came under pressure from falling oil prices
The Russian ruble Tuesday afternoon came under pressure from falling oil prices began to decline in a basket of currencies. The US dollar to date is trading at 62,32 rubles (+0.4 percent). The Euro is worth 72,78 RUB (+0,2%). Official rates of the Central Bank of Russia for tomorrow, June 6, 61,98 make up a RUB for the American currency and 72,51 RUB for Euro. Both estimates revised to increase at 6 and 8 cents respectively.
The commodity sector today descended into deeply negative territory. North sea Brent blend traded at $74,01 and falls by 1.7%. A barrel of WTI costs $64,36 (down 0.6%). Investors are nervous on the background information about the case of the United States to Saudi Arabia with a request to increase oil production to average 1 million barrels per day. Communication is informal, but the bears immediately woke up.
This is not the first talk on this topic at all, but the first with the participation of States that have long occupied an isolated position in respect of mining of black gold. A barrel of Brent quickly realized the technical downside target at $75 and came close to around $74. If this threshold is passed, the sellers will open the way to $72.50 per person per barrel.
The Finance Ministry is expanding the purchase of foreign currency on the domestic market to 379,7 billion (about 19 billion rubles per day). The new volume will be relevant for the 7th of June. In may, the Ministry of Finance has acquired on average at 16.1 billion RUB over the trading day. Market interventions are used to, but small by trading standards, the increase in intraday volume leave the ruble under pressure.
The US dollar will finish today’s session at within marks 62-63, the Euro closed trading within the boundaries 72.50 per person-73,45 RUB.