Further higher moves in oil prices to benefit Ruble versus USD?

If crude oil prices truly found a bottom in August then the high level of volatility in the Russian ruble since free-float last November should subside. 
The degree to which further moves higher in crude oil prices will benefit the ruble versus the USD, however, is questionable. Further cuts to Russia's key interest rate, US monetary policy tightening and debt redemptions at year-end are likely to exert downward pressure on the currency. 

Longer-term structural factors, including the government's desire to balance its budget and ultimately reduce Russia's reliance on the energy sector, could also spark intervention efforts to stem excessive crude oilrelated gains. 

Although the geopolitical risks associated with Ukraine have declined they could easily be substituted for Russia's recently increased involvement in the Syrian conflict. 

"Even though foreign investor sentiment towards Russian assets appears to have warmed, a reversal in the ruble's fortunes back to pre-November 2014 levels against the USD looks unlikely for the foreseeable future", says Lloyds Bank.