Ruble grows amid growing oil

Oil prices, after falling the day before, began to recover gradually due to a thorough implementation of the agreement on the production cuts.

Thus, the March futures for Brent crude oil on London's ICE Futures exchange rose by $ 0.17 (0.31%), up to $ 56.64 per barrel at14:35 today by Moscow time, and the February futures price for WTI crude oil  increased by $ 0.16 (0.31%), up to $ 52.49 per barrel at the electronic trading in the system of the New York Mercantile Exchange (NYMEX), Interfax reports.

Following the stabilization of the situation in the world oil markets, the ruble has begun to strengthen: during the trade session at the Moscow Exchange  this afternoon it remained stable with respect to the basket, slightly recouping the US dollar, partially due to the strengthening of the euro.

The exchange rate was 60.8325 rubles per $ 1 at 15:00, which is only 7 cents below the closing level of the previous trading session, the euro cost 63.4875 rubles, increasing by 7.75 kopecks. The dual currency basket value declined only by 0.36 kopecks to 62.03 rubles.

Yesterday, WTI fell by 2,6%, Brent - by 2.4%. Experts believe that an important role  was played by Libya, which is not subjected to OPEC's agreement and increasing production at the country's largest oil field, Al-Sharara. It is expected that this month almost 1.9 million barrels of oil will be shipped from it via the port of Az-Zawiya, near Tripoli, the Libyan capital. In addition, the traders are waiting for data on changes in the US oil inventories over the last week, which will be released tomorrow. According to analysts, oil inventories in the country fell by 2.25 million barrels during the last week.

In general, according to foreign financial publications, there is a significant strengthening of the Russian economy. So, British monthly The Banker specializing on international finance called the chairman of the Central Bank of Russia (CBR) Elvira Nabiullina the best chairman of the year among the chairmen of the European Central Banks.

Nabiullina has always pointed to the need to reduce inflation to improve the economic growth in Russia, and its efforts as the head of the Central Bank led to the fact that the rate of inflation by the end of 2016 fell below 6% from 12.9% in 2015 - the newspaper notes, reporting, that, according to the International Monetary Fund, the inflation in Russia's recent history never fell below 6.1%.

"It is important that 2016 was a turning point in the mood of the population and market participants in terms of the inflation expectations. At the beginning of 2016 the inflation expectations of the market participants were above our targets for inflation - 4% by the end of 2017 year - but now they are close to the target at the level of 4.5-4.7%,’’  Nabiullina told to the magazine.

The publication also noted the work of the Chairman of the Central Bank on the improvement of health of the banking sector - in 2014, the regulator revoked the licenses of about 300 credit institutions.

The Bank of Russia jointly with the Ministry of Finance is working on the concept of the new pension system. ‘’The pension funds must become the most important source of the long-term resources for the Russian economy. We hope, that the draft resolution on this issue will be adopted by the Parliament in 2017,’’ Nabiullina said.

Recall a year ago, according to The Banker, the best chairman of the Central Bank in this region became the head of the Bank of England, Governor Mark Carney.

3015 views


More Russian news

Putin lays wreath at Tomb of Unknown Soldier

Putin lays wreath at Tomb of Unknown Soldier

Russian President Vladimir Putin took part in a wreath-laying ceremony at the Tomb of the Unknown Soldier in Moscow in memory of the country’s defenders who perished in the battles against fascists. On the …

Russian Foreign Ministry: investigation into murder of Russia’s ambassador continues

Russian Foreign Ministry: investigation into murder of Russia’s ambassador continues

The investigation into the murder of Russia’s Ambassador to Turkey Andrey Karlov continues, it is too early to name any specific leads, the Russian Foreign Ministry’s spokeswoman Maria Zakharova …

 Gazprom to build Turkish Stream at its own expense

Gazprom to build Turkish Stream at its own expense

Investment in the Turkish Stream gas pipeline project are estimated at $6 bln, the project can be implemented only at the expense of Gazprom, Deputy Chairman of Gazprom Management Committee Andrey Kruglov said at a press …

Karabakh conflict’s settlement on Russian foreign ministry’s agenda

Karabakh conflict’s settlement on Russian foreign ministry’s agenda

The topic of settlement of the Nagorno-Karabakh conflict is always on the agenda of the Russian Foreign Ministry’s efforts, the spokesperson of the ministry Maria Zakharova said at a briefing. She also said that …

 Maria Zakharova to Vestnik Kavkaza: we forced to respond to US sanctions

Maria Zakharova to Vestnik Kavkaza: we forced to respond to US sanctions

Russia will certainly react to the expansion of US sanctions, a plan of response is being worked out now, the Russian Foreign Ministry spokesperson, Maria Zakharova, said, answering a question from Vestnik Kavkaza. At …

Russia-China rivalry in Central Asia overblown

Russia-China rivalry in Central Asia overblown

The SCO is an opportunity to talk about regional stability and economic growth

Three Russian athletes banned for four years

Three Russian athletes banned for four years

The Beijing Olympics relay silver medallist Anastasiya Kapachinskaya and two other Russian athletes, Inga Abitova and Denis Alekseyev, were banned for four years on Wednesday for doping. …

Sergei Masaulov: ISIS to reborn, not die

Sergei Masaulov: ISIS to reborn, not die

ISIS terrorist group, which is banned in Russia, is losing its forces and territories, but even its disappearance will not be a definitive victory, since the creators of ISIS are still interested in the functioning of a large-scale terrorist …

Shoigu explains NATO#039s build-up along Russian borders

Shoigu explains NATO's build-up along Russian borders

NATO's military build-up along Russia's borders is proof of the Western military alliance's anti-Russian stance,  Russian Defence Minister Sergei Shoigu said.

Lukoil CEO blames market speculators for oil price decline

Lukoil CEO blames market speculators for oil price decline

President of Russian oil major Lukoil Vagit Alekperov believes that the temporary decline in oil prices was caused by speculators on the market and fears its sharp growth. "We all, including analysts and …

more Russian news