Oil price recovery to $78/bbl can drag Russian stocks upwards

MOSCOW, Jul 10 (PRIME) -- The Russian stock market can continue upward movement on Monday thanks to recovering oil prices, analysts said.

“Purchases can again prevail on the Russian stock market today thanks to improved crude prices. As a result, the local market can try to break through July 6’s highs of somewhat below 2,840,” senior analyst at financial supermarket Banki.Ru Bogdan Zvarich said.

In case the benchmark manages to consolidate above 2,800, conditions for further growth to the area of 3,000 will appear, he added.

Zvarich also said that the external environment looks negative with the main Asian markets trading mixed, the core U.S. indices futures losing 0.4%, and the Brent oil price falling by 0.6% to U.S. $78 per barrel following a significant rise seen previously.

BitRiver financial analyst Vladislav Antonov said that the weak ruble and the recovery of oil prices create a favorable environment for buyers on the Russian market.

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