The Russian ruble spiked up against the U.S. dollar in the European session on Monday, on higher oil prices following a historic deal by Russia and other non-OPEC members to cut output by 558,000 barrels per day.

Oil prices shot above $53 a barrel, after OPEC signed the historic production cut deal with non-OPEC members over the weekend to jointly reduce output to contain the supply glut and prop up markets. Those non-member cuts come on the heels of an OPEC decision on November 30 to slash member output by 1.2 million barrels a day.

The Russian ruble climbed to 60.95 against the greenback, its strongest since October 2015. If the ruble extends rise, 58.00 is possibly seen as its next resistance level.

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