“Be careful what you wish for, because you just might get it”. Some say this aphorism has Spanish origins. Others attribute it to Oscar Wilde. Wherever it comes from, as sayings go, this one contains much truth. Getting what you want can indeed have unseen and unpleasant consequences. That’s worth remembering, as we celebrate cheaper oil, while watching the Russian rouble plunge.
Since mid-summer, the rouble has largely tracked the decline in global oil prices. Last week everything changed. Crude remained stable but the Russian currency collapsed, losing a third of its dollar value in a day. Responding to “Black Monday”, Russia’s central bank hiked interest rates from 10.5pc to 17pc.