Saturday, May 12, 2012

Ruble Follows Oil Price in Decline, Rebounds

The Russian ruble fell today, before rebounding later, as prices for crude oil, the chief export of the country, declined, resulting in a drop of the trade balance surplus.
Crude oil prices fell 0.2 percent to $96.86 per barrel in New York today, heading for a second weekly drop. The prices were under pressure from swelling US stockpiles and the European credit crisis. Russia’s trade surplus shrank to $19.4 billion in March from $20.3 billion in February. Analysts predict that the ruble is likely to fall against the dollar next week.



USD/RUB climbed from 30.1350 to 30.2430 before retreating to 30.1420 as of 18:12 GMT today.

If you have any questions, comments or opinions regarding the Russian Ruble, feel free to post them using the commentary form below.

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