Russian ruble plummets to new low

The ruble has overcome the level of 79 rubles per dollar and  86 rubles per euro on the Moscow stock exchange today.

As of 15:48 Moscow time, the dollar now stands at 79.005 rubles and the euro reached 86.057 rubles.

The weakening of the ruble is due to falling oil prices. The OPEC reference basket of crude oils fell to $24.74 per barrel, reaching a level last seen in September 2003. And reduced the price of the brand Brent: As of 08:25 the price of a barrel of Brent crude decreased in price by 2.27% to $28.57 per barrel. The fall in oil prices is due to the continuing oversupply of raw material on the market, as well as expectations of Iran’s return to the global market after the lifting of the sanctions, RIA Novosti reports.