The ruble is tumbling as oil prices drop to their lowest level since November

The Russian ruble is tumbling on Thursday.

The petrocurrency is down by 1.1% at 58.0171 per dollar as of 8:09 a.m. ET.

Meanwhile, oil prices are at their lowest level since November after data from the Energy Information Administration released on Wednesday showed US crude output jumped to 9.29 million barrels per day — the highest level since August 2015.

Additionally, crude inventories fell by 930,000 barrels per day, less than analysts’ expectations of 2.3 million.

Brent crude, the international benchmark, is down by 1.9% at $US49.85 per barrel, and WTI crude, the US benchmark, is down by 1.9% at $US46.88 per barrel.

Separately in Russia, Markit Services PMI came in at 56.1 for April, below the prior month’s reading of 56.6.

As for the rest of the world, here’s the scoreboard as of 8:03 a.m. ET:

  • The euro is up by 0.3% at 1.0922 against the dollar after Markit’s Composite PMI reading for the eurozone came in at 56.8 for April, above the flash reading of 56.7 and up from March’s 56.4.
  • The British pound is little changed at 1.2881 against the dollar after Markit’s Services PMI came in at 55.8 for April, above the prior reading of 55.0, and above expectations of 54.5.
  • The US dollar index is little changed at 99.11 ahead of a heavy data day. Initial claims and the trade balance will be out at 8:30 a.m. ET and factory orders and durable goods orders will be released at 10 a.m. ET.
  • The Australian dollar is down by 0.3% at .7400 per dollar.

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