“From the point of view of money exchange, the most important advice is not to twitch during the period when the panic begins. Because when non-specialists begin to play in the speculative market, they are likely to lose. Currency should be bought and sold when the market situation is calm. When panic starts, the trend can change even in line at the exchanger. But of course, it’s good to have any currencies in your pocket, this protects against devaluation, ”the expert believes.
According to Mitrakhovich, this situation in the oil market was due to the fact that “speculators are beginning to panic that OPEC + announced that from April there will be no additional obligations and the old ones are also canceled.”
“Saudi Arabia, in turn, said that in this case it will not restrain production and will also increase it. The speculators have the assumption that the market will be overstocked, respectively, you need to drive the price down. The most important thing is how prolonged the fall in oil prices can be and how Russia will react to this, ”he said.
Oil prices on Monday, March 9, fell by more than 30% after the OPEC + meeting, which had previously ended with Russia's exit from the deal, RIA Novosti reports with reference to trading data.
As of 07:41 Moscow time, the May futures of the Brent brand fell by 28.69%, to $ 32.28 per barrel, the April futures of the WTI brand - by 31.35%, to $ 28.33 per barrel.