Ruble Follows Oil Price in Decline, Rebounds

The Russian ruble fell today, before rebounding later, as prices for crude oil, the chief export of the country, declined, resulting in a drop of the trade balance surplus.
Crude oil prices fell 0.2 percent to $96.86 per barrel in New York today, heading for a second weekly drop. The prices were under pressure from swelling US stockpiles and the European credit crisis. Russia’s trade surplus shrank to $19.4 billion in March from $20.3 billion in February. Analysts predict that the ruble is likely to fall against the dollar next week.
USD/RUB climbed from 30.1350 to 30.2430 before retreating to 30.1420 as of 18:12 GMT today.

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