Price of Brent crude oil below $67
The price of Brent crude during trading in London fell below $67 a barrel by midday on Monday, with January futures contracts dropping by 3% to $66.95 per barrel, according to Russian information agency TASS.
Against the background of the sustained decline in oil prices, the dollar exchange rate against ruble on the Moscow Stock Exchange on Monday increased by RUR 1.22 rubles, to RUR 53.73 RUB to the dollar, and against the euro by RUR 1.25, to RUR 65.9 to the euro.
Falling oil prices are the main driver for the current ruble trajectory, according to market analyst Ivan Kopeikin.
"The Brent price has already dropped below $68 per barrel amid unsatisfactory data from China,” Kopeikin said on Monday.
“Chinese oil imports have slightly increased in volume, but in monetary terms have declined to $16.42 billion, [down] from $17.05 billion a month earlier."