The price of oil has been under pressure since mid 2014. The risks on the price remain to the downside with no end in sight to the current turmoil. Chart 1 below shows daily chart of Brent Crude in USD in the Period November 2014 to October 2015.
Chart 1: Daily chart of Brent Crude
As is evident in the Chart 1, the price of oil has taken a battering over the past months. From a high of USD115 per barrel in June 2014, the price of oil had fallen USD86 by the 1st of November 2014 and has since fallen to USD 49.4 on the 30th of October 2014. The article,The Oil Story has an in-dept look at the fundamentals behind the fall in the oil prices.
The fall in the oil prices has had a negative impact on growth, inflation and inflation expectations across the globe. This article looks at some of the most traded currencies that have come out worse due the falling oil prices.
1. The Russian Ruble (RUB)
- The economy