The Russian ruble is rallying as oil climbs

The Russian ruble is rallying as oil prices climb ahead of OPEC’s meeting in Vienna later this week.

The petrocurrency was up by 0.4% at 56.6961 per dollar as of 7:55 a.m. ET.

Brent crude oil, the international benchmark, was higher by 0.9% at $54.09 per barrel, while WTI crude oil, the US benchmark, was up by 1.0% at $51.16 per barrel.

OPEC officials are meeting Thursday, and will be discussing whether to extend production cuts.

As for the rest of the world, here’s the scoreboard as of 8:04 a.m. ET:

  • The US dollar index is down by 0.2% at 96.98 ahead of a busy day for Fed speak. Patrick Harker, Neel Kashkari, Lael Brainard, and Charles Evans will all be taking the mic Monday.
  • The Japanese yen is little changed at 111.34 per dollar after data showed Japan’s trade surplus narrowed to 481.7 billion yen in April as exports to China rose by 14.8% versus a year ago.
  • The euro is up by 0.3% at 1.1242 against the dollar and trading at its best level since November 9, the day following Trump’s election win.
  • The British pound is little changed at 1.3020 against the dollar.

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