Killy_Mel

MACRO VIEW: RUSSIA'S OIL PRICE POLICY

WTI Oil             measured in Russian Rubles reveals some hidden truth behind USDRUB             rate against the background of falling Crude prices.

The idea of Ruble             devaluation is to hold oil             price measured in Rubles within 1st standard deviation from 1-year mean. (current target range is thus 2800-3475 Rubles per barrel)

Basically such policy creates PERCEIVED budget stability, In fact, in Rubles WTI Oil             now is very close to 2008 peaks!

What this policy fails to cover is, of course, in-house inflation in Russia due to Ruble             depreciation, triggered by very large import factor in Russia's trade balance.
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