Ruble Strengthening to 85 Against Euro as Oil Recovers From Multi-Year Lows

MOSCOW (Sputnik) - The Russian ruble is strengthening amid rapidly recovering oil prices, the weakening of the euro below $1.07 on forex market accelerating its fall against the ruble.

As of 17.27 GMT, the US dollar fell by 1.35 rubles to 79.52 rubles, the euro was down 3.30 rubles to 85.03 rubles. Minutes earlier, the euro was down to 84.86 rubles.

As of 17:29 GMT, the price of May futures for Brent crude surged by 13.75 percent to $28.30 per barrel, while May futures for WTI crude were trading up 22.23 percent at $25.46 per barrel. Both prices recovered from lows unseen since the early 2000s reached on Wednesday.