Oil Doesn’t Stop Falling, Drags Ruble Along

Oil Doesn’t Stop Falling, Drags Ruble Along

Today the Russian ruble continued to show a downward trend as crude oil continued to decline, dropping below $81 per barrel on the speculation demand for fuel will wane as the global growth is stalling. Currently the Russian currency erased its losses, but it’s unclear how long could it maintain gains.
Oil, the main export revenue earner for Russia, slumped 2.4 percent to $80.83 before trading at $80.81. Crude has fallen 5.7 percent over this week and headed for a fourth weekly drop. The Russian currency weakened 1.3 percent yesterday and 0.2 percent over this week. Investors increased bid that the ruble will decline further.
USD/RUB fell from 29.1175 to 29.0787 as of 15:24 GMT today, while during the trading session the currency pair reached the daily high of 29.3575.

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