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| Surging oil prices keep Russian ruble world’s strongest currency | Surging oil prices keep Russian ruble world’s strongest currency |
| (about 2 hours later) | |
| Brent crude prices hit a 26-month high on the news Turkey has threatened to cut oil supplies from Iraqi Kurdistan. This gave a boost to the Russian ruble, which remains the world's strongest currency against the US dollar in the last 12 months. | Brent crude prices hit a 26-month high on the news Turkey has threatened to cut oil supplies from Iraqi Kurdistan. This gave a boost to the Russian ruble, which remains the world's strongest currency against the US dollar in the last 12 months. |
| The North Sea Brent benchmark, which is used to price Russia's Urals blend, almost reached $60 per barrel before retreating to $58.68 on Tuesday. The gains still represent a more than $3 surge compared to last week. US West Texas Intermediate was trading near $52 per barrel. | The North Sea Brent benchmark, which is used to price Russia's Urals blend, almost reached $60 per barrel before retreating to $58.68 on Tuesday. The gains still represent a more than $3 surge compared to last week. US West Texas Intermediate was trading near $52 per barrel. |
| The ruble has surged over ten percent against the dollar in the last 52 weeks, trading at 57.4 against the greenback and 67.8 against the euro. | The ruble has surged over ten percent against the dollar in the last 52 weeks, trading at 57.4 against the greenback and 67.8 against the euro. |
| READ MORE: Russia cutting dependence on US dollar | |
| Oil is rising on news that Turkish President Recep Tayyip Erdogan threatened to cut off the pipeline from northern Iraq’s Kurdish autonomous region over its independence referendum. | Oil is rising on news that Turkish President Recep Tayyip Erdogan threatened to cut off the pipeline from northern Iraq’s Kurdish autonomous region over its independence referendum. |
| The pipeline pumps about 600,000 barrels per day (bpd) through Turkey. The Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC producers previously agreed to cut output by 1.8 million bpd. | The pipeline pumps about 600,000 barrels per day (bpd) through Turkey. The Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC producers previously agreed to cut output by 1.8 million bpd. |
| “It’s pretty clear the Kurds are going to vote for independence, and we will have yet another geopolitical hot spot in the Middle East that threatens a significant amount of oil supply,” John Kilduff, a partner at Again Capital, a New York-based hedge fund told Bloomberg. | “It’s pretty clear the Kurds are going to vote for independence, and we will have yet another geopolitical hot spot in the Middle East that threatens a significant amount of oil supply,” John Kilduff, a partner at Again Capital, a New York-based hedge fund told Bloomberg. |
| However, some analysts say rising crude prices will help US shale production to rebound. The US Energy Information Administration reported that shale output will surge for a tenth month in a row in October. | However, some analysts say rising crude prices will help US shale production to rebound. The US Energy Information Administration reported that shale output will surge for a tenth month in a row in October. |