Ruble and Russia

chief exports: Brent crude oil was trading 0.4 percent higher on Friday at more than $60 a barrel, halting a two-day drop, according to The Moscow Times. Oil is one of Russia chief exports and hence a crucial driver for all Russian assets. At 08:05 GMT, the ruble was about 0.3 percent stronger against the dollar at 61.70 and gained 0.3 percent to trade at 70.02 versus the euro. Analysts said the ruble trajectory for the rest of the session was likely to be determined by oil, forex sales before large ruble-denominated taxes due next week and news out of Ukraine, where the market hopes a fragile cease-fire will hold. The ruble has gained about 2 percent against the dollar this week, largely boosted by oil, which hit a two-month high on Tuesday before falling back somewhat. Russia celebrates the Defender of the Fatherland Day public holiday on Monday, meaning traders could be exposed to greater losses over the three-day weekend if they end the session holding long positions. (news.financializer.com). As reported in the news.