Russian stock may rise at opening following oil price dynamics

MOSCOW, Oct 7 (PRIME) -- Russian stocks are likely to grow at Wednesday opening as oil prices are increasing, analysts said.

“Today at the start of the trading session the RTS index is likely to continue its growth following oil prices as Brent oil futures are trading above U.S. $52 per barrel after the API report, which registered a decrease of the U.S.’ oil reserves last week,” Olma’s senior analyst Anton Startsev said.

The increase of U.S. stock index futures, positive dynamics of Asian floors and the Brent oil price increase of 1.33% to $52.62 per barrel as of 8.00 a.m. Moscow time, according to the ICE exchange, mark a positive background prior to the opening of the trading session, Oleg Shagov, head of a research department at Solid, said.

“We expect to see the opening of the Russian stock market close to the 1,670–1,675 point range of the MICEX index and with an increase of the RTS index,” Shagov said.

During the first trading minutes, the Russian stock market will price in the significant improvement of the oil market, but its further increase may be hindered by the ruble’s possible strengthening and the closest resistance level of 1,680 points, Vitaly Manzhos, a senior analyst at Bank Obrazovanie, said.

Later on Tuesday, the oil price may receive a new stimulus from the U.S. weekly oil and oil product stock data, and investors will track changes of the market, Manzhos said.

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