BOFIT Viikkokatsaus / BOFIT Weekly Review 2016/45
Crude oil prices and the ruble’s exchange rate have depreciated in recent weeks. The price of Brent crude oil, which peaked at $51.60 a barrel on October 10, saw its subsequent drop accelerate already before the race was called for Trump. This morning (Nov. 11), the price of Brent crude was close to $46 a barrel, a decline of about 9 % from a month ago. The price of Brent oil has risen by more than 70 % since it hit a low of $28.70 on January 19.
The ruble’s external value tracks oil prices. The fall in the Brent price over the past month has been reflected in a 3−4 % weakening in the ruble’s exchange rate. This morning (Nov. 11), the ruble-dollar rate was about 65 and the euro-ruble rate about 71. The ruble has strengthened about 30 % against the dollar and euro since its record lows in late January.