Bounce in financial markets continues after Black Monday
So, the price of a barrel of North Sea Brent oil by 05.50 Moscow time increased by 3.75%, to 38.6 dollars. “Black gold” of the WTI brand has strengthened in price by 3%, to 35.4.
On Monday, oil prices fell more than 30% due to the collapse of the OPEC + deal and Saudi Arabia’s intentions to increase oil production and lower raw material prices for consumers in Europe, the US and Asia. What is happening on Tuesday and Wednesday, many analysts call a “rebound” and indicate that the growth is corrective in nature.
However, optimism in the market may be related to the situation around the outbreak of a new type of coronavirus. Earlier it was reported that in China, only 24 people were diagnosed with infection per day, 1,578 people were successfully treated and discharged from hospitals. Investors hope that this indicates a decline in the spread of the virus and soon the economy of the Middle Kingdom will work at full capacity.
In addition, bidders could pay attention to the statements of the Minister of Finance of Mexico. The head of the financial department, Arturo Herrera, announced his intention to put an end to the so-called oil war between Moscow and Riyadh. For this, Mexico City wants to mediate between the parties.
Read more: “Mexico will stop the oil war by reconciling Russia and Saudi Arabia.”
Recall, on March 6, it announced the termination of the agreement between OPEC and the countries that joined the cartel within the framework of OPEC +. Russia rejected the terms of the organization, which proposed to all parties to the agreement to reduce the production of raw materials. On this day, quotes of “black gold” fell by 10%. After the close of trading, news began to come from Riyadh. It was reported that Saudi Arabia intends to increase the level of oil production and provide discounts on its raw materials for partners from the United States, EU and China. Experts have called what is happening “oil war.” On Monday, oil prices against this background fell by 30%.
The situation on the global market for goods affected the exchange rate of the Russian national currency, which remains dependent on energy prices. So, on Monday, when the currency exchange session of the Moscow Exchange was closed on the occasion of the March 8 celebration, the dollar rose in price on the international market to 75 rubles, while the official dollar exchange rate for the weekend was set at slightly above 68 rubles. On Tuesday, trading opened in Russia and the “wooden” one expected to fly down, but the pace of decline has already slowed amid a rebound in quotations on the oil market.
The Bank of Russia raised the official exchange rate of the dollar against the ruble by 4 rubles on Wednesday. 50.33 kopecks, up to 72.0208 rubles. The course of the single European currency is increased at the same time immediately by 6 rubles. 1.64 kopecks, up to 81.8588 rubles. Moreover, the dollar exchange rate before the opening of trading in Russia on Wednesday is 71.3747 rubles.
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