Russian markets & rouble hit new lows, over OPEC oil decision

The RTS fell by 3.1% to 975.50 points after earlier hitting a five-year low of 969 points, the lowest since 2009.

The dollar-denominated Russian share index RTS, has plunged below 1,000 points Friday, with the rouble hitting new lows against the dollar and the euro. This is after OPEC decided to let the market stabilize oil prices and keep output as is.

The price of oil is also dipping on Friday, with WTI futures below $70 per barrel and Brent going down to $72.

The RTS fell by 3.1% to 975.50 points after earlier hitting a five-year low of 969 points, the lowest since 2009.

Investors are growing negative, as the 12 members of the Organization of the Petroleum Exporting Countries (OPEC) decided on Thursday to keep daily oil output at 30 million barrels, despite a major oversupply that has caused oil prices to fall more than 30 percent.

The Russian rouble also slumped back after the OPEC made its decision. During the week the currency had been making attempts to recover. It is trading at 49.6 to the the dollar

First published by RT.com

 

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