OREANDA-NEWS. Key Russian stock indices collapsed at the opening of trading on the Moscow Exchange on Tuesday. So, the Mosbirzhi index fell by 10.4%, to 2436 points, the RTS index - by 16%, to 1056 points (lows from the winter of 2019).

The fall of the market is taking place against the backdrop of a record collapse in oil prices after the failure of negotiations to reduce oil production in Vienna. On March 9, futures for Brent crude oil for delivery in May 2020 during trading on the ICE exchange in London collapsed by more than 30%, the price in the peak fell to $ 31.02 per barrel. On Tuesday, oil wins back the fall, rising 8.3% to $ 37.22 a barrel.

Oil fell sharply amid news that OPEC+ countries, following the results of negotiations in Vienna, could not agree on an additional reduction in oil production amid falling demand due to coronavirus. OPEC proposed to further reduce production by 1.5 million barrels per day until the end of 2020. However, Russia and Kazakhstan opposed this proposal.

The Russian currency weakened to the American and European. Thus, the dollar exchange rate is at around 71.86 rubles (+4.8%), and the euro - at 81.58 rubles (+5.25%).