Russia is on course to post its widest budget deficit since 2010 after oil prices tumbled to a 12-year low in January, reducing revenue for the state budget in the world’s largest energy exporter.

The Canadian dollar is expected to weaken further over the coming months as Britain's vote to leave the European Union boosts the U.S. dollar and with oil prices set to remain weak.

Directors emphasized the need for continuing structural reforms to support a successful transition and improve the efficiency of the economy. They saw merit in continued restraint in wage settlements and further reforms to reinvigorate productivity growth. Aligning public sector pensions with recent private sector reforms and reforms to sickness and disability pensions could increase labor force participation. Directors also saw scope for efficiency gains from reducing tax preferences for owner-occupied housing and relaxing supply restrictions in the housing market.

Kuwait's budget deficit reflects the impact lower oil prices have had on crude exporters, particularly Gulf Arab monarchies that rely on oil revenues to support generous subsidies, welfare benefits and public sector wages.

The number of rigs running in the US to drill the horizontal wells used for shale oil production has been rising since May. At 272 last week it was at its highest level since early April, according to Baker Hughes, the oilfield services company.

Monthly average crude oil prices for April rose in all categories of sale. The average domestic crude oil first purchase price increased $3.72 (11.7%), to $35.59 per barrel.

Brent crude futures LCOc1 were trading at $50.31 per barrel at 0441 GMT, almost unchanged from their last settlement. U.S. crude CLc1 were down 5 cents at $48.94.

“We view Saudi as a core growth market with huge potential for global investment banks,” said Tamim Jabr, Deutsche Bank’s head of corporate and investment-banking coverage in Saudi Arabia.

Brent crude LCOc1 was down 48 cents a barrel at $50.13 as of 0856 GMT, having risen in the two previous sessions. U.S. crude CLc1 was down 48 cents to $49.40.

Brent crude futures were trading at $48.84 per barrel at 0422 GMT, up 26 cents from their last settlement. U.S. crude was up 35 cents at $48.20 a barrel.