The price of Russian Urals crude oil fell 16.2 percent, according to Argus media. The publication notes that this is the lowest level since June 1999. Over the week, Russian grade fell $of 5.51 per barrel.
The cost of the futures on Brent crude for delivery in June 2020 is at the level of 25.93 per barrel, according to Investing.com.
And at the opening of the Moscow stock exchange the dollar exchange rate against the Russian currency rose by 2.6% and amounted to 80.85 of the ruble, the Euro gained 1.2 percent and is currently 88.6 per ruble. According to 17:09 GMT, the dollar is worth 79,85 ruble and Euro 88 rubles.
The first “black Monday” this year fell on 9 March. Then there was the collapse of oil prices in connection with the failure of the transaction OPEC+, in which a key role was played by Russia, as well as in the epidemic of the coronavirus. Experts predict that in the near future may become more expensive imported goods. Usually the first step in a long term depreciation of the ruble more expensive electronics and appliances, you can also expect changes in the price of airline tickets, automobiles, clothing, medicines, etc. At the end of March it became known that Russian banks have begun to raise mortgage rates amid falling ruble. Conditions deteriorate even on already approved applications. This process continues despite the fact that the March 20 Central Bank kept its key rate unchanged at 6%.
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