Oil jumps after Putin speech
ecPulse
2014-12-18 15:03PM UTC
Oil prices moved higher on Thursday above $57 a barrel, after Russian President Vladimir Putin speech regarding the Russian economy and the collapse of Russian ruble. Putin said that Russia’s economy will recover after the collapse of the ruble, but warned at the same time that Russia may need two years to recover from this crisis and its effects. The main reason behind the hike in oil prices was an American-Saudi conspiracy to rule over Russia and Iran, according to Putin. While the Iranian oil minister confirmed the same earlier. Putin’s remarks supported oil by supporting the steps of the Russian Central Bank, which urgently moved to protect the ruble by raising interest rates to 17%, next to intervention in the currency market in extended selling operations in an attempt to stop the collapse of the ruble. Putin’s indications that further action must be taken also supported oil prices. Crude oil for February delivery was 3.07% high at 10:54 GMT to $58.45 a barrel. While Brent gained 3.06% to $69.05 a barrel.
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