Support The Moscow Times!

Russian Ruble Hits 5-Month High As Oil Prices Rise

The Russian ruble reached its highest point against the U.S. Dollar since the beginning of the year on Thursday morning thanks to a surge in oil prices, the Interfax news agency reported.

The ruble strengthened to 65.02 against the U.S. dollar and to 72.68 against the euro.

The sharp fall of foreign currencies was caused by growing prices for Brent crude oil, which exceeded $50 per barrel for the first time since November last year, the Financial Time reported.

Global oil demand has risen significantly amid reports of a 4.2-million-barrel weekly decline in U.S. oil reserves, the RIA Novosti news agency reported Thursday, referring to the U.S. Energy Department.

Volume of oil production has also fallen to about 1 million barrels a day in Canada and 1.4 barrels a day in Nigeria, Interfax reported. India, China and Russia used more than 1 million barrels a day in the first three months of this year.

… we have a small favor to ask. As you may have heard, The Moscow Times, an independent news source for over 30 years, has been unjustly branded as a "foreign agent" by the Russian government. This blatant attempt to silence our voice is a direct assault on the integrity of journalism and the values we hold dear.

We, the journalists of The Moscow Times, refuse to be silenced. Our commitment to providing accurate and unbiased reporting on Russia remains unshaken. But we need your help to continue our critical mission.

Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and you can be confident that you're making a significant impact every month by supporting open, independent journalism. Thank you.

paiment methods
Not ready to support today?
Remind me later.

Read more