Europe Helps Oil & Russian Ruble

The Russian ruble climbed today, rebounding from the lowest level in eight months against the US dollar, as crude oil gained and the European Central Bank announced its plans to boost liquidity, bolstering risk appetite.

Crude oil jumped 1.4 percent to $90.02 per barrel in New York, rebounding for the previous drop to $88.01 per barrel. Crude is the major source of Russia’s export revenue. Futures on Brent crude oil rose 2.4 percent to $115.06 per barrel in London. Traders trimmed their bets that the ruble will weaken further.

USD/RUB fell from 30.4465 to 30.4160 today as of 17:39 GMT. The daily low was 30.2345 and the daily high was 30.5719.

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