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.

2545 views


More Russian news

Lilia Gumerova: appointment of Mehriban Aliyeva as First Vice-President of Azerbaijan is good sign

Lilia Gumerova: appointment of Mehriban Aliyeva as First Vice-President of Azerbaijan is good sign

Women's approach to leadership of the country will make the control over a number of areas of public life more effective, the first deputy chairman of the Federation Council Committee on Science, Education and Culture, a representative of the …

Tajik President awarded Order of Alexander Nevsky

Tajik President awarded Order of Alexander Nevsky

Tajik President Emomali Rahmon was awarded the Order of Alexander Nevsky. The corresponding decree signed by the Russian President Vladimir Putin was posted on the official web portal of legal information today. …

Russian Foreign Ministry: Netanyahu and Abbas may visit Moscow in spring

Russian Foreign Ministry: Netanyahu and Abbas may visit Moscow in spring

Russian Special Presidential Envoy for the Middle East and Africa, Deputy Foreign Minister Mikhail Bogdanov, did not rule out that the Israeli Prime Minister Benjamin Netanyahu and the Palestinian President …

Baku World Cup in Troline Gymnastics and Tumbling. Competition moments

Baku World Cup in Trampoline Gymnastics and Tumbling. Competition moments

The World Cup in Trampoline Gymnastics and Tumbling, which was held last weekend in Baku, has become a real triumph for the Russian and Azerbaijani gymnasts: the athletes of the two countries won almost all of the first and second …

Vitaly Naumkin: joint actions of Russia and US on Karabakh can be more energetic

Vitaly Naumkin: joint actions of Russia and US on Karabakh can be more energetic

Given the chance of a rapprochement between Russia and the United States on the Middle East topics, Moscow and Washington have more possibilities for a constructive cooperation in the framework of the OSCE Minsk Group as mediators in the …

Russia and Iran in talks over oil-for-goods swaps

Russia and Iran in talks over oil-for-goods swaps

Russian Energy Minister Alexander Novak said that Russia is negotiating the issue of daily purchases of 100,000 barrels of oil from Iran. "Currently those issues are being negotiated," he said, adding …

Rosneft to sell  Grozneftegas oil assets to Chechnya

Rosneft to sell Grozneftegas oil assets to Chechnya

Russian oil giant Rosneft could be preparing to sell its assets in the Chechen republic to local authorities. The proposals include selling a 51% share in the company's Chechen subsidiary Grozneftegas to the regional government, the …

Matvienko: Russia to continue maintain peace in Middle East

Matvienko: Russia to continue maintain peace in Middle East

The main aim of Russia's policies in the Middle East is to take a region onto the path of sustainable development, at the same time Moscow does not seek dominance, the Russian Upper House Speaker Valentina Matvienko …

Russian inspectors set for observation flight over Turkey

Russian inspectors set for observation flight over Turkey

A group of Russian military inspectors will carry out this week an observation flight over the territory of Turkey within the frames of the international Open Skies Treaty, the chief of the ministry’s national Nuclear Risk Reduction …

Russia’s aerospace forces and naval aviation to get 160 new aircraft

Russia’s aerospace forces and naval aviation to get 160 new aircraft

Russia’s Aerospace Forces and naval aviation will have their air fleets boosted this year by a total of 160 planes and helicopters, the chief of the Aerospace Forces Col. Gen. Viktor Bondarev said. "The …

more Russian news