Oil’s persistent slide continued to drive global financial markets Friday, sending currencies in Russia and Norway to fresh multiyear lows, and stocks in energy companies tumbling. In early trade, the ruble surpassed 57 against the U.S. dollar for the first time. Norway’s krone hit a new five-year low against the euro and an 11-year low against the dollar as Brent crude slumped to $63 a barrel and West Texas Intermediate settled below $60–both five-year lows. Russia’s central bank on Thursday raised its key interest rate to 10.5% from 9.5%, and its deposit rate to 9.5% from 8.5%, in an attempt to halt the ruble’s slide, but economists broadly agreed that wasn’t enough. “In my view the risk of a full-scale currency crisis is still high and the Bank of Russia may have to use all tools at its disposal to stem ruble rout,” said Piotr Matys, […]