The Russian rouble hit a new 2016 high on Monday, propped up by a rally in oil that pushed Brent crude prices to $40 per barrel for the first time since mid-December.
Brent crude, a global benchmark for Russia’s main export, hit its highest level this year after intelligence firm Genscape reported a smaller-than-expected buildup of stockpiles.
Oil prices are more than a third higher from this year’s lows, propping up the rouble, but analysts warn that a glut remains and that it is still not known which countries will join a proposed global output freeze.
OPEC leader Saudi Arabia and non-OPEC Russia, the world’s two largest oil exporters, agreed last month to freeze output at January levels to stabilise prices if other nations agreed to join the first global oil pact in 15 years.
On Friday, Russian Energy Minister Alexander Novak said ex-Soviet oil producing states Kazakhstan and Azerbaijan would join talks with OPEC about stabilising oil markets. Azerbaijan said on Sunday it was ready to freeze its 2016 oil production at January levels.
Uncertainty over the impact of the global accord on crude prices remains, however, partly because OPEC’s third-largest producer Iran plans to raise production steeply.
Russian share indexes also rose, buoyed by stronger oil. Russia has public holidays on March 7-8 but the stock and currency markets of the Moscow Exchange were open on Monday.
Source: Reuters
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