The ruble is ticking back up

The Russian ruble is ticking higher on Wednesday, reversing some of its losses from the two previous days.

The petrocurrency was up by 0.4% at 59.4065 per dollar at 8:27 a.m.

Oil prices held near seven-month lows on Wednesday. Brent crude oil, the international benchmark, was up by 0.4% at $US46.20 per barrel, while West Texas Intermediate crude, the US benchmark, was up by 0.5% at $US43.72 per barrel at 8:28 a.m. ET.

On Tuesday, oil prices fell to seven-month low following reports of supply increases by key producers, including Libya and Nigeria.

Looking forward, US data on crude oil inventories will be out at 10:30 a.m. ET. Analysts forecast inventories will drop by about 2.1 million barrels.

As for the rest of the world, here’s the scoreboard as of 8:34 a.m. ET:

  • The US dollar index is little changed at 97.64 ahead of a quiet day. Existing-home sales will be released at 10 a.m. ET.
  • The British pound is up by 0.6% at 1.2704 against the dollar after one of the Bank of England’s key policymakers signalled that he is close to backing a hike in interest rates.
  • The Japanese yen is little changed at 111.57 per dollar
  • The euro is little changed at 1.1149 against the dollar.

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