Photo: Yegor Aleev / TASS
World oil prices collapsed. In the course of trading on Tuesday, November 20, prices fell nearly five percent. This is evidenced by data the London exchange ICE Futures.
In the course of trading January futures for Brent crude oil decreased by 4.7 percent, apostasis in the moment 63.38 per barrel. At the time of writing this post, the barrel was trading at the level of $ 64. WTI in the course of trading fell by 4.25 percent, or 2.43 per dollar and reached $ 54.79 per barrel. The fall in oil prices due to a sharp increase in oil production in the United States, uncertainty about the plans of OPEC to reduce production, as well as sanctions around Iran.
The fall in oil prices for the first time in a long time, significantly affected the exchange rate. By 19:00 Moscow time, the dollar exceeded 66 rubles, Euro exchange rate is trading around 75,28 rubles per unit European currency.
In Russia at the moment there are problems in the fuel market — the government froze gasoline prices, when oil was on a local maxima. As a result, now consumers are suffering as oil companies are forced to comply with the authorities concluded with the agreement that in the conditions of falling oil prices to their advantage. Deputy Prime Minister Dmitry Kozak had previously argued that the fall in oil prices is not a sufficient reason to reduce gasoline prices.
Video, photo All from Russia.