Oil Price Rally Gives Respite to Russian Ruble
The Russian ruble has strengthened sharply in recent days as an oil price rally eased the pressure on the economy of the world's largest energy exporter.
By Friday mid afternoon the ruble was trading at around 76 to the U.S. dollar — more than ten percent stronger than on Jan. 21 when the currency reached 85.99 to the greenback, its worst since since 1998.
The ruble has followed movements in the oil price, which rose sharply this week on news that Russia may negotiate output cuts with OPEC, the oil producers' cartel, to ease the oversupply on global markets and lift the cost of crude.
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