Source Pravda.Ru

Saudi Arabia-Iran conflict leads to oil price growth and dollar/euro decline

On January4, the US dollar and the euro have dropped in value in early trading. The Russian ruble has improved its position a little as oil prices started growing again. 

According to Interfax, first trading on the US dollar in 2016 were registered on the level of 72,80-73,72 rubles per one dollar. 

According to experts, the strengthening of the ruble is based on the growth of oil prices and the conflict in the relations between Saudi Arabia and Iran. 

Prices for February futures for Brent crude on London's ICE Futures Exchange increased by 1.1% to $ 37.69 per barrel. The price of WTI crude oil futures for February in electronic trading on the New York Mercantile Exchange (NYMEX) increased by 1.3% to $ 37.52 per barrel.

On January 3 Saudi Foreign Minister Adel Al-Jubeir stated that Iranian diplomats must leave the country within 48 hours. Saudi Arabia decided to terminate diplomatic relations with Iran after a crowd of demonstrators attacked the Saudi embassy in Tehran. The pogrom of the embassy followed the execution of 47 people convicted on charges of terrorism. Well-known Shiite preacher Nimr al-Nimr was among the victims of the execution. On Saturday, Iran's Foreign Ministry summoned the charge d'affaires of Saudi Arabia in Tehran to declare protest in connection with the execution of al-Nimr.


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