Ruble falls sharply following ongoing decline in oil prices

The ruble was falling speedily on the first day of winter 2014. The dollar and the euro hit new all-time records on the Moscow Exchange, playing up for the collapse of oil prices.

By 14:31 MSK, the dollar rose to 53.4 rubles, which was 4.1 rubles higher than the official exchange rate. The euro rose to 66.59 rubles, having gained 5.18 rubles vs. the rate set by the Bank of Russia for today, December 1.

The growth of the dollar and the euro against the Russian ruble is linked to the ongoing drop in world oil prices. Index futures for Brent crude oil, for the first time since 2009, fell below 68 per barrel. Experts say that the collapse of oil prices will continue. 

The start of electronic trading in London on December 1 at night showed another decline in oil prices. In one hour, the cost of a barrel of Brent crude dropped by almost $2. After the quotation dropped to 68.28 dollars per barrel, Brent regained almost 60 cents. Afterwards, the price stabilized near 68.70 dollars, which was the minimum level since May 2010.