Russia’s ruble rose the most in emerging markets as a surge in the price of oil nearly erased the currency’s losses for 2016. The ruble advanced 1.7 percent to 73.92 per dollar by 4 p.m. in Moscow, the highest since Jan. 5 on closing basis, and paring the decline this year to 0.8 percent. Crude rose 2.6 percent in London to $36.89 per barrel on Tuesday. Government bonds rose for a fifth day, cutting the yield on five-year notes 12 basis points to 9.62 percent, the lowest since Oct. 2014. Brent crude, used to price Russia’s main export blend, has gained more than 30 percent since reaching a record low on Jan. 20, helping make the currency the best-performer among 24 emerging-market currencies tracked by Bloomberg since Jan. 21. Negotiations between Russia and Saudi Arabia to freeze output have helped stabilize the market, Sberbank CIB said. “While there’s skepticism […]