The ruble is falling amid the scandal, with consumers of Russian oil

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Wednesday, April 24, the ruble lost ground to the dollar and the Euro. By the close of trading Monday, the dollar calculations “tomorrow” has soared by 65 kopecks (+1%) to RUB 64,34, and the Euro rose slightly less, by 29 kopecks (+0,4%), to 71,79 RUB.
The fall of the ruble, apparently, was negatively impacted by two factors: growth in the price of oil down and the continued scandal with the consumers of Russian oil. We will remind that else on Tuesday the Belarusian company Belneftekhim, has suspended the purchase of Russian oil, citing its low quality and related hardware failures at Belarusian oil refineries.
On the background of this scandal Poland as a consumer of Russian oil and oil products of Russian and Belarusian production, suspended the transit of Russian oil through the pipeline “Druzhba”. Russian “Transneft” promised to solve the problem before the end of the week, but perhaps the market is afraid that this branch of the conflict from turning into a political and would not look back to Russia’s actual oil embargo on the part of some consumers.
Meanwhile, the price of Brent crude oil on Wednesday has continued and has fallen in price on 0,12%, to $73.7 per barrel. Correction, probably associated with the growth of commercial oil reserves in the United States, which grew by 5.48 million barrels while the market had expected growth of only 1.26 million in the morning the price of Brent crude continues to fall and loses another 0.3 percent.
We believe that at the opening of trading the ruble may again fall. We have increased the Outlook for the pair dollar/ruble to 63.9-65 RUB and EUR/RUB – to RUB 71-72
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Natalia Milchakova,
Deputy Director of information-analytical center,
Alpari