The ruble felt the support of OPEC – merchant

Yesterday cost of European varieties of oil after a three-week break exceeded the level of $ 45 per barrel. Statements of OPEC representatives about the high probability of signature at the end of the month the agreement to limit production and support for these plans from the Russian side positively affect the commodity market. In a prize remains the ruble — dollar exchange rate in the Russian market fell to levels two weeks ago.

According to Reuters, in trading on Monday, the price of Russian Urals oil on the spot market rose to $ 45,62 per barrel, which is 5.3% above closing of Friday. The price of North sea Brent crude rose by 5.5% to $ 45,94 per barrel. Strong growth in oil prices continues for the fifth day in a row, this time for the European varieties of oil went up 11.5-13%.

the Increase in oil prices associated with expectations of market participants that at the end of the month at the summit of the Organization of countries-exporters of oil (OPEC) cartel will finally sign an agreement to limit production. About the high probability of such an outcome on Saturday said the Minister of oil of Iran Bijan Namdar Zanganeh. Until recently the main opponent of the agreement, OPEC was considered the country, has repeatedly rejected plans to reduce production. “Such a statement by a member of one of the most recalcitrant members of OPEC was relieved perceived by market participants, and prices of oil went up,”— noted the analysts of Sberbank Investment Research.

Upbeat investor sentiment has strengthened Russia’s President Vladimir Putin, who on Monday estimated the probability of freezing of oil production by OPEC countries as high. Besides, he noted that the restriction of production for the Russian side no problem and Russia will do everything expected of it in OPEC. “When all the major players in the case, obviously, you are very close to a deal,” said Reuters analyst Price Futures Group Phil Flynn.

the Rise of oil prices has had a significant impact on the Russian currency market. At the end of trading Monday, the dollar on the Moscow stock exchange fell by 95 kopecks., to 63,92 RUB/$ . Thus, the U.S. dollar exchange rate returned to the values on which it was before the presidential elections in the United States. The Euro showed a less significant decrease of only 66 kopecks., to 67,88 RUB/€,— updating the monthly minimum. According to the chief analyst Nordea Bank Denys Davydov, on the side of the ruble are not only raised oil prices, but also launched the tax period. According to analysts of UniCredit Bank Anna Bogdyukevich, November 25, businesses will have to transfer to the budget VAT, mineral extraction tax and excise duties total volume of 650-700 billion rubles. “Tax payments can contribute to retention of the exchange rate of the dollar at 64 rubles./$ , however, a more significant strengthening in conditions of excess ruble liquidity, we do not expect”,— said Mrs. Bogdyukevich.

Vitaly gaydayev