Russian market may go up on hopes for higher oil, positive moods

MOSCOW, Jul 7 (PRIME) -- The Russian stock market may rise a bit at Thursday’s opening taking a cue from a positive morning state of the external background and expectations that the oil prices may continue to rebound, analysts said.

“The MOEX Russia Index will take a lead from an improved state of the external background in the first minutes of trade in the morning. Later, it is quite likely to try and correct upward to the range of 2,220–2,280,” senior risk manager at investment company Algo Capital Vitaly Manzhos said.

Alexei Antonov, head of the investment consulting department of Alor Broker, said that oil is likely to rebound today, with of one of the reasons being the G7 plans to cap the price for Russian oil with the range of U.S. $40–60 per barrel. “If oil continues to rebound today, then the Russian stock market may follow,” he added.

The moods on the global markets are moderately positive prior to the opening in Russia. The Asian floors are rising within 2.1%. The futures on the U.S. main stock indices are rising 0.3% and the previous trading session in the country closed in the green. The Brent oil price futures is making attempts to recover after a 2-day decline and edging up 0.1% to U.S. $100.8 per barrel.

Senior analyst at financial supermarket Banki.Ru Bogdan Zvarich said he expects sales in the Russian stocks to continue to prevail in the trading session and it may make the MOEX Russia Index to go below 2,200.

The news flow for today includes the release of a report by the European Central Bank (ECB).

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