Russian stocks can bounce back upwards on oil price strengthening

MOSCOW, Nov 14 (PRIME) -- The Russian stock market may rebound upwards on Thursday thanks to considerable crude price strengthening and the support of U.S. indices trading in the positive territory, analysts said.

“The U.S. stock indices are slightly higher… the crude price has advanced significantly… so the Russian stock market has chances for a bounce-back (after a fall on Wednesday) unless the external background worsens,” Alor Broker analyst Alexei Antonov said.

The Brent crude price is seen at around U.S. $62.8 per barrel following a recent American Petroleum Institute (API)’s report marking a fall in U.S. oil inventories by 0.5 million barrels, Antonov added.

Norilsk Nickel is expected to outperform the market after a significant slide in the past sessions thanks to a slight rise of prices for platinum metals, he also said.

Finam analyst Sergei Drozdov sees the current MOEX Russia Index’s support lines at 2,900 and 2,885 and the resistance lines at 2,960 and 2,980.

Investors in Russia are also likely to follow financial results releases for January–September and July–September from meat producer Cherkizovo Group and Kuzbass Fuel Company, and news from the BRICS summit in Brazil, where President Vladimir Putin is to meet with Chinese President Xi Jinping and other high-ranking officials.

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