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Russian ruble down on failed Doha oil talks

Xinhua, April 18, 2016 Adjust font size:

The Russian ruble declined 3.6 percent to 68.8 against the U.S. dollar from the previous closing on the Moscow Exchange Monday after key oil producers failed to reach an agreement on freezing oil output.

Benchmark ICE Brent crude oil futures fell nearly 7 percent to 40.10 dollars per barrel in early trade in the day.

On Sunday, the world's major oil producers, both members and non-members of the Organization of Petroleum Exporting Countries (OPEC), failed to deliver a concrete agreement to freeze production in support of oil prices Sunday in Doha, Qatar.

Commenting on the meeting, Russian Energy Minister Alexander Novak said further movement of oil prices would depend on the market reaction and the behavior of major producers.

"Under current conditions, the price of 40-60 dollars (per barrel) is probably the level which would be normal for both forming the budget and normal operation of the (Russian) industry," Novak told NTV.

The Russian economy, which is highly dependent on oil exports, has been hit by low oil prices along with Western sanctions imposed to punish Moscow's role in the Ukraine crisis. The ruble hit its record low to about 80 against the U.S. dollar in late 2015. Endi