Emerging Currencies Gain With Middle East Shares on Oil Rebound - Bloomberg Business

Emerging Currencies Gain With Middle East Shares on Oil Rebound - Bloomberg Business:

"Emerging-market currencies advanced, led by Russia’s ruble, and shares in the Middle East climbed amid speculation Saudi Arabia and Venezuela will cooperate on stabilizing crude prices.
The ruble strengthened 1.2 percent against the dollar after sliding 2.6 percent last week. The Bloomberg GCC 200 Index of shares in the oil-exporting Gulf Cooperation Council added 0.8 percent as stocks in Dubai rallied 2.1 percent. Oil advanced toward $35 a barrel in London after Saudi Arabian Oil Minister Ali al-Naimi met with his Venezuelan counterpart on Sunday in Riyadh. Most Asian markets are closed Monday for lunar New Year holidays. Bonds in emerging Europe climbed.
A gauge tracking 20 developing-nation currencies increased 0.2 percent by 9:05 a.m. in London. The index has strengthened for the past three weeks as oil climbed back above $30 a barrel after dropping to a 12-year low in January, largely on bets energy-exporting nations will take steps to shore up the market."



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