The Russian ruble is soaring after Saudi Arabia and Russia said they support supply cuts lasting into 2018.
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The ruble is surging after Russia and Saudi Arabia back longer production cuts
The ruble is jumping after energy ministers from Russia and Saudi Arabia said Monday that supply cuts should be extended until March 2018.
The petrocurrency is up by 1.5% at 56.2607 per dollar as of 7:50 a.m. ET.
Meanwhile, Brent crude oil, the international benchmark, is higher by 2.9% at $52.33 per barrel, and WTI crude oil is up by 3% at $49.27 per barrel.
Energy ministers from Russia and Saudi Arabia said Monday that supply cuts should be extended until March 2018, which would be longer than the proposed six-month extension.
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As for the rest of the world, here's the scoreboard as of 7:54 a.m. ET:
- US dollar index
- euro
- money poured into
- Net short positioning in euro futures and options contracts fell by $1.4 billion to $7 billion, data released Friday by the US Commodity Futures Trading Commission showed.
- British pound
- A
- Australian dollar
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