Russia's ruble strengthened slightly on the back on the OPEC announcement overnight.
Massive oil glut may wiegh on world markets.
Moscow: Russian markets climbed on Thursday over a surge in energy prices following OPEC's surprise decision to cut oil output.
Moscow's dollar-denominated RTS index was up 2.5 percent in early trading, while the MICEX exchange was up one percent.
Russia — whose energy-reliant economy has already been pushed into recession by low oil prices and Western sanctions over Ukraine — has been rocked by the recent fall in oil prices.
Russia's ruble, which last nearly half its value in 2014, strengthened slightly on the back on the OPEC announcement overnight but dropped back again to 63.13 against the greenback by 0800 GMT.
OPEC's decision to cut oil output — the first of its kind in eight years — has seen Asian and European stocks rally.
( Source : PTI )
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