Commodity-linked currencies like the Russian ruble and Canadian dollar firmed on Wednesday after a news report said that the Organization of the Petroleum Exporting Countries had reached a deal to cap oil output. The greenback slid 1% against the Russian ruble, buying 63.29 rubles in recent trade, compared with 63.92 rubles late Tuesday in New York. Meanwhile, the buck was down 0.5% against its Canadian rival in recent trade, buying C$1.3141, compared with C$1.3205 late Tuesday in New York. The dollar also lost ground against the Norwegian krone , sliding 1% to trade at 8.04 krone, compared with 8.11 krone late Tuesday. Crude oil prices shot higher on the news, on track for their largest daily gain in nearly three weeks. Crude-oil futures for November delivery traded on the New York Mercantile Exchange were up 4.2% to $46.52 a barrel in recent trade. Members of the organization have struggled to come to an agreement since the second half of 2014, when prices began to decline precipitously from a peak of around $107 a barrel in July 2014.
Copyright © 2016 MarketWatch, Inc.
Continue Reading Below