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Market Extra: The Russian ruble is in rally mode as oil prices climb

Russia’s currency was on track Monday for its largest daily gain against the U.S. dollar in three weeks, largely thanks to a recovery in oil prices.

The currency has been extremely volatile lately as concerns about rising oil supplies have sent prices of the commodity tumbling below $50 a barrel, ending a period of stability that saw prices creep higher for most of the first half of 2016.

Swings in the price of oil have a wide-ranging impact across financial markets. Moves in energy and materials shares are often correlated with the commodity. As are the currencies of large oil exporters.

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