Oil Prices Help Russian Ruble

The Russian ruble gained today against the U.S. dollar and the euro after the oil prices stabilized near $70 level, improving the outlook for the economy of Russia, the largest energy exporter in the world.
July delivery for crude oil increased by 1.3 percent to $70.96 in New York and traded at $70.12 in Moscow when ruble trading ended. China, the second biggest consumer of oil in the world, may postpone its attempts to rein its economic growth. This promises the increasing demand for oil, which should bolster the Russian currency.
The markets appear to be recovering from the turmoil of the last week. The traders should be warned, though, that the trading remains sluggish and the future development of events is yet unclear.
USD/RUB traded near 31.009 as of 18:14 GMT today after opening at 31.116. EUR/RUB declined to about 38.461 from the opening level of 39.019.

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