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Monday, April 30, 2012

Crude Oil Prices Drag Ruble Down

6:20 AM    No comments


The Russian ruble was down today, falling for the third day, as prices for crude oil, the main nation’s export, declined amid concerns about the global economic recovery.

Futures on crude oil fell $0.16 to $102.30 per barrel in New York, following yesterday’s decline by 0.8 percent. The ruble depends on the performance of crude as the commodity is the main export good of Russia. Oil was falling on concerns that the global economic slowdown will hurt demand for fuel.

USD/RUB rose from 29.5680 to 29.6700 as of 14:37 GMT today.

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