April 21, 2024

Taylor Daily Press

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The ruble is in free fall, oil prices are rising

The ruble is in free fall, oil prices are rising

© AP

The ruble lost nearly 30 percent against the dollar on Monday. The decline of the Russian currency comes after new international sanctions against Moscow over the invasion of Ukraine.

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The European Union and the United States have announced that they will ban Russian banks from the international banking system SWIFT and have already imposed sanctions directly targeting Russian President Vladimir Putin and his Foreign Minister Sergei Lavrov, among others. It also prohibits transactions with the Central Bank of Russia.

Oil prices reach more than 6 percent

barrel price West Texas Middle Crude oil rose more than 6 percent on Monday, and Brent crude rose more than 5 percent. West Texas Intermediate crude rose to $97.33 a barrel, and Brent crude rose to $103.06.

Traders are increasingly concerned about the energy crisis. “The withdrawal of some Russian banks from SWIFT may lead to disruption of oil supplies,” Andy Lebow said. Lipo Oil Associates in Houston. Traders are watching the OPEC+ meeting on Wednesday where plans for additional production will be discussed.

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