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Ruble’s Oil Link Weakens

The Russian currency’s swings are losing their relationship to changes in the price of crude

The currency of the world’s biggest energy exporter is becoming less and less correlated with oil. The ruble suffered its biggest drop since June last month, down 1.5 percent, even as a near 7 percent surge took Brent crude above $60 a barrel for the first time since 2015. The ruble tends to be more correlated with oil when the price of the commodity is falling than when it is rising, according to Tatiana Evdokimova, chief economist for Russia at Nordea Bank A/S.

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