Expected correction: the ruble falls after oil prices
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Oil quotes fell below $ 50. In addition, the volume of speculative money in the Russian market is declining due to decisions of the Central Bank and the Federal Reserve
On Thursday, May 4, the dollar at the Moscow Stock Exchange exceeded the mark of 58 rubles (+68 kopecks to the closing level of the previous trading day), the euro by the same moment went up by 92 kopecks to 63.4 rubles.
The last time the ruble rate fell to such values in mid-March.
"The ruble is probably feeling less confident in light of the fall in oil prices below the psychological level of $ 50 per barrel," said Raiffeisenbank macro analyst Stanislav Murashov. "And oil prices are falling against the background of data from the US Energy Ministry."
By 17:00 the price of the barrel of Brent fell by 2.2% to $ 49.5.
According to the Ministry of Energy, commercial oil reserves decreased by only 0.9 million barrels last week, although the market expected a decrease of 3 million barrels, Murashov said: "The growth in US production was also negative by another 28,000 barrels per day to 9.29 million. Thus, since the beginning of the year it has already grown by 6%. "