The Russian ruble advanced today as oil rallied to the highest level in 30 months on the concerns about supplies from Africa and Middle East.

Brent crude oil, the largest export revenue earner of Russia, jumped as much as 7.7 percent to $119.79 per barrel, the highest level since August 2008, on the concerns that the conflict in Libya, Africa’s third largest producer, will reduce supplies. Oil has risen 24 percent this year as the wave of civil unrest spread throughout North Africa and Middle East.

USD/RUB fell from 29.1660 to 29.0290 as of 12:22 GMT after it earlier rose to 29.2840.

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