Ruble Gains on Oil as Credit Risk Falls on Easing Crimea Tension
- Investors comforted by lack of headlines over weekend: Nomura
- Hedge funds trimmed bets last week that ruble will climb
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The ruble advanced the most in emerging Europe and the cost of insuring Russian debt against default dropped as calls for an easing of tensions in Crimea allowed investors to focus on the rally in oil.
The currency climbed 1.2 percent as Germany said it’s suggesting ways to address a renewed confrontation between Russia and Ukraine. The advance reversed losses on Friday triggered by a threat from President Vladimir Putin to respond to what he called Ukraine’s “terror” tactics in Crimea. Brent crude extended its advance above $48 a barrel after posting the biggest weekly increase since April.