Monday, 29 August 2011

Crude Oil Rallies, Helps Ruble

The Russian ruble was removed after the oil has been recovered by the third day of optimism for the world economy, making Russia's currency is more interesting for investors who are willing to risk in search of higher yields. 

Futures for delivery of crude oil in October rose 2.2 percent to $ 87.26 a barrel in New York. Optimism, caused by Bernanke's speech on Friday, boosted products. The positive report on personal income and spending in the U.S. was very useful. Crude oil is the main source of export earnings from Russia. 

Investors bet on Russia's currency will decline in spite of some positive fundamentals. The oil can be removed if the Energy Department report tomorrow will show U.S. inventories crude oil rose last week.

USD/RUB trade near 28.7875 today as of 2:29 GMT after opening at 28.7855 and falling to 28.7765.

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