Ruble Extends Losses After OPEC Said to Agree on Output Target

(Bloomberg) -- The ruble extended losses after oil producing nations in OPEC were said to agree on an expansion of output, pushing the price of Russia’s main export lower.

The currency fell 0.9 percent against the dollar to 68.0920 by 5:20 p.m. in Moscow, taking its decline this week to 2.6 percent. The price of Brent, the benchmark for Russia’s main export blend, touched a six-year low this week amid expectations OPEC wouldn’t be able to agree on a cut in output to help boost prices.

OPEC set a new oil-output ceiling of 31.5 million barrels a day, according to a delegate with knowledge of the decision. Brent fell as much as 2.7 percent.

To contact the reporter on this story: Ksenia Galouchko in Moscow at kgalouchko1@bloomberg.net To contact the editors responsible for this story: Alex Nicholson at anicholson6@bloomberg.net Douglas Lytle

Copyright 2016 Bloomberg News.

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Brent Crude Oil : $45.89/BBL 3.69%
Light Crude Oil : $44.48/BBL 3.97%
Natural Gas : $2.96/MMBtu 1.00%
Updated in last 24 hours