The price of oil Brent for the first time since November fell below $50

Photo: Yegor Aleev / TASS

The price of a barrel of Brent crude oil for the first time since November, dropped below $50. World oil prices tumbled on reports that the oil reserves in the United States returned to growth

The cost of futures for oil of mark Brent with delivery in may 2017 on the stock exchange ICE fell to $49,73 that of $1.23, or 2.4 percent below the closing level of the previous trading session. Less than $50 a barrel of Brent began to cost for the first time since November 30, 2016.

The sharp decline in oil prices came after the energy information Administration of U.S. Department of energy (EIA) reported that commercial oil stocks in the U.S. rose for the week by 5 million barrels. The increase was almost twice higher than what experts predicted (2.8 million bbl). and fully compensated recorded a week earlier the decline (minus 0.2 million barrels).

The total volume of commercial oil reserves in the vaults of the United States is estimated by EIA (as of March 17) in 533,1 million barrels. Yesterday, the American petroleum Institute (API) estimated it at 533,6 million barrels.

The fall in oil prices has given additional impetus to the weakening of the ruble. The dollar on the Moscow exchange reached the mark of 58.22 rubles, 52 kopecks. higher than the closing level of the previous trading session. The Euro rose to 62.96 RUB 61 kopecks. above the closing level on March 21.

Chief analyst of the Bank Natalia Vasilyuk believes that in the near future on the dynamics of the currency market will affect the outcome of the vote of the lower house of Congress on the issue of system replacement to Obamacare, according to which investors will be able to judge the prospects for the implementation of the total reform plan of Donald trump.

“If the results are disappointing, the weakening of the currencies of emerging markets will continue, and the exchange rate may approach levels 58,5-59 rbl./$.”, – believes Wasiluk.

18:15 MSK cost of a barrel of Brent crude on the ICE futures exchange was $50,2, the dollar on the Moscow stock exchange reached 58,14 RUB, EUR – RUB of 62.89

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