UrBC, Yekaterinburg, March 11, 2020. The Ural bankers inform their customers about the risks of investing in foreign currency given the ongoing major sales on the global finance markets.

It was reported earlier that Russia backing out of the OPEC+ deal resulted in major stock quote fluctuations. Analysts say the oil cartel players failed to agree on the terms of the deal to reduce their oil output for the first time since 2016.

As a result, Brent crude oil futures contracts for May 2020 depreciated by 20%, down to $36.2 per barrel on March 9; Light futures contracts for April also lost 19.4% of their stock value, dropping to $33.26 per barrel. Experts say this was Brent’s all-time low since 1991, as quotes plummeted by as much as 30% at certain points throughout Monday.

‘What we are witnessing at the moment is a predictable unfolding of events caused by a 30% drop in crude oil prices after the OPEC+ deal fell through. For the first time since 2016, the players failed to agree on the terms of the deal to reduce their oil output. The ruble reacted accordingly, as did the market overall,’ Finance Markets Director at SKB-Bank Alexander Kravtsov told UrBC.