The ruble is surging after Russia and Saudi Arabia back longer production cuts
|05/15/2017||Posted by BusinessMediaguide.Com under General World News||
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.