Brent Oil Rose 6% after the Collapse
At the auction on Wednesday, March 18, the price of Brent crude oil overcame a psychologically important milestone and fell below $ 25 per barrel. It fell from $ 28.40 per barrel at the beginning of the session to $ 24.72 at lows by the end of the day. The last time oil prices were at such levels was in May 2003.
Amid falling oil prices and panic in global stock markets due to the coronavirus pandemic, the dollar and euro rates reached the maximum growth limit set by the Moscow Stock Exchange on March 18. By Wednesday evening, the dollar rose to 80.87 rubles, and the euro - to 88.725 rubles. The main US stock indices also fell: by the evening of March 18, the Dow Jones fell by 10.77%, the S&P 500 - by 9.78%, and the NASDAQ - by 8.3%.