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Euro exchange rate hits record low in 2016

October 06, 2016, 19:16 UTC+3
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MOSCOW, October 6. /TASS/. The euro exchange rate dropped 52 kopecks to 69.4 rubles, which is record lows of 2016, at Thursday’s trading on the Moscow Exchange. The dollar lost 15 kopecks as its exchange rate was 62.33 rubles.

The ruble has been rising bolstered by a climb in oil prices. The cost of the futures contracts of Brent crude oil for December 2016 delivery on London's ICE trading went up by 1.02% to $52.4 per barrel, its highest level since June 9, on Thursday.

Crude prices have been growing following the reports that OPEC might slash oil production by 1% beyond the limit agreed at the meeting on September 28 in Algiers. According to Algerian Energy Minister Noureddine Bouterfa, the cartel will target at oil prices within the range of $50-55 per barrel.

Also, oil futures have been backed by the latest data of the U.S. Energy Information Administration, which showed that U.S. commercial crude supplies had dropped by 3.02 mln barrels in the week ended September 30 to 499.7 mln.

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