| Foreign currencies, crude oil, and other markets felt shocks this week as momentous changes came in foreign lands, including Russia, Saudi Arabia, and Greece. Crude oil prices dropped to a fresh five-year low this week, breaking under $44 per barrel. Plunging petroleum is putting pressure on Russia, which is dependent on oil prices closer to $100 to balance its budget.
As a result, Russia’s bonds have been downgraded to junk status, indicating a significant threat that Russia will default on its debts. This announcement puts further pressure on the already-troubled economy, raising borrowing costs and causing their currency, the ruble, to tumble...............................................Full Article: Source
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