UPDATE 1-Russian rouble surges despite oil price pressure

(Updates prices) May 10 (Reuters) - The Russian rouble surged towards a six-week high on Wednesday, gaining more than 2% against the U.S. dollar and euro even as global oil prices were under pressure. The rouble was up 2.4% against the U.S. dollar to 76.35 by 1000 GMT, trading close to a six-week high and reversing a sharp fall in the value of the currency in April. The currency advanced 2.9% versus the euro to 83.77 . Against the Chinese yuan - which has become an increasingly important currency pair for the Russian economy over the last year - the rouble was trading up 2.1% at 11.01 in Moscow. The strong gains came even as Brent crude oil , a global benchmark for Russia's main export, lost 1.4% to $76.35 a barrel. Russia relies on its multi-billion dollar energy exports to fund government spending, which has surged as the Kremlin funds its protracted military campaign in Ukraine.

Oil prices recovered from last week's lows of around $72 a barrel, which is providing some support to the rouble, but Brent came under fresh pressure on Wednesday from global economic concerns. Analysts at Commerzbank said they still expect the rouble to weaken over the medium-term as Moscow's energy revenues continue to fall. "Due to the sanctions, the rouble exchange rate now only reflects current account flows. Hence, the rouble is likely to depreciate medium-term due to the declining current account surplus," Commerzbank FX analyst Tatha Ghose said. Russian stock indexes were mixed, with blue-chip lender Sberbank holding the market back with a 7% slump after its shares started trading ex-dividend. The dollar-denominated RTS index was up 2.4% to 1,043.7 points, while the rouble-based MOEX Russian index was flat at 2,528.9 points.

For Russian equities guide see For Russian treasury bonds see (Reporting by Jake Cordell and Alexander Marrow; editing by Philippa Fletcher and Bernadette Baum)