Russian rouble, stocks retreat after OPEC+ ministers agree to boost output
The rouble weakened on Monday, retreating from the 74 threshold versus the dollar it hit in the previous session, as oil prices fell after OPEC+ overcame internal divisions and agreed to boost output, also pushing Russian stocks lower.
At 0751 GMT, the rouble was 0.3% weaker against the dollar at 74.31, creeping towards a one-week low, and had lost 0.1% to trade at 87.58 versus the euro.
Oil prices were lower after OPEC+ ministers agreed on Sunday to increase oil supply from August to cool prices which have climbed to 2-1/2 year highs as the global economy recovers from the coronavirus pandemic.
Brent crude oil, a global benchmark for Russia’s main export, was down 1.3% at $72.61 a barrel.
“Despite the local drawdown, we view the increase in Russia’s oil production quota as positive for the rouble in the medium term,” said Promsvyazbank analysts in a note.
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