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World oil prices

Bank of Russia sees no risks for financial stability against oil price drop

Brent oil prices fell 30% from October 1

MOSCOW, November 29. /TASS/. The Bank of Russia does not see risks for the national financial stability due to the oil price drop by 30%, First Deputy Governor of the Central Bank Kseniya Yudaeva said on Thursday.

Brent oil prices fell 30% from October 1. Brent oil futures declined to $57.94 per barrel earlier today. This is the lowest level from the end of 2017, the banker said.

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Crude oil braced for OPEC+ decision, say market watchers

"We see that this factor exerts relatively low influence on the Russian economy and financial markets in particular because of a number of reasons [in connection with the floating exchange rate and the budget rule]. Risks to financial stability are out of question in this regard," she said.

By the end of October, oil prices began to fall in price due to investor concerns about the introduction of new US duties against China, as well as in connection with increased production of OPEC+. The fact that at the U.S. imposed sanctions against Iran at that time did not serve as a deterrent, since in the sanctions regime made exceptions for a number of countries, including India, China, Japan and others. On October 23, the oil price fell below $80 a barrel and on November 7 - below $70.

Brent oil futures slightly rose today to $59.60 a barrel. Urals-Primorsk oil futures with delivery in January 2019 fell 3.3% on St. Petersburg’s SPIMEX to $56.29 per barrel.

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