Ruble Soars As Crude-oil Prices Recover

By Joseph AdinolfiMarketWatch Pulse

The Russian ruble surged Thursday, boosted by a recovery in crude-oil prices. The Russian currency was recently up 2.6% to trade at 66.8 to the dollar, its strongest level in eight days. Russia is the world's second-largest exporter of crude oil, and its economy is largely dependent on the commodity. Crude-oil futures traded on Nymex shot up 8.2% Thursday to $41.77, on track to record its biggest one-day price gain all year. Brent crude, the international benchmark, was up 8% to $46.58. The Canadian dollar and Norwegian krone, two other oil-linked currencies, also recorded significant gains. The loonie gained 0.6% to 75.64 cents, while the krone rose 0.8% to 8.3 krone to the dollar.

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