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The ruble is surging after Russia and Saudi Arabia back longer production cuts

russian ruble

The Russian ruble is soaring after Saudi Arabia and Russia said they support supply cuts lasting into 2018.

The petrocurrency is up by 1.5% at 56.2607 per dollar as of 7:50 a.m. ET.

Meanwhile, Brent crude oil, the international benchmark, is higher by 2.9% at $52.33 per barrel, and WTI crude oil is up by 3% at $49.27 per barrel.

The ruble has historically tracked oil prices given the Russian economy’s heavy reliance on the commodity.

Energy ministers from Russia and Saudi Arabia said Monday that supply cuts should be extended until March 2018, which would be longer than the proposed six-month read more >>>

Source:: BusinessInsider.Com