Exchange traded funds that invest in Russia have bounced along with crude oil prices.
Crude futures advanced almost 2% on Monday morning to nearly touch $87 a barrel. U.S. Oil Fund (NYSEArca: USO) gained over 3% last week.
Market Vectors Russia (NYSEArca: RSX) and Capped Index Fund (NYSEArca: ERUS) are among the ETFs that track Russian stocks. They have large stakes in the energy sector and are sensitive to oil prices. [Russia ETFs Rise on Oil Prices, Outlook]
CurrencyShares Russian Ruble Trust (NYSEArca: XRU) is a currency ETF follows the ruble’s fluctuations versus the U.S. dollar.
“Russia’s latest growth figures show the perils of relying on the oil price to sustain the economy. But growth may soon benefit from the advantages of a floating ruble,” reports The Moscow News.
The ruble ETF has recovered somewhat following a steep drop earlier this month.