Russian stocks can grow on rising oil price after OPEC+ agreement

MOSCOW, Dec 4 (PRIME) -- The Russian stock market will likely increase on Friday at the start of the session as the oil prices rose after OPEC plus struck a compromise deal and on expectations that the U.S. will soon adopt economic support measures, analysts said.

"The central bank has said lately that it does not see oil prices as the basis for economic scenarios. But since our market has an oil backbone, traders focused on the OPEC plus negotiations. The 2021 production talks were trouble-ridden. Nevertheless, a compromise was reached," Andrei Vernikov, head of the investment analysis department of Univer Investment Group, said.

Investment company Olma’s senior analyst Anton Startsev said that the oil prices will likely recover as OPEC plus finally decided to start a gradual raise of oil production from January.

On Friday morning, Brent soared by 2.05% to U.S. $49.71 as of 9:31 a.m., Moscow time.

According to Vernikov, the market was also encouraged by the news that the U.S. economic aid package will soon be adopted. Speaker of the House of Representatives Nancy Pelosi and Senate leader of the Democrats Chuck Schumer supported a recently published bipartisan proposal to stimulate the economy by U.S. $908 billion although the amount is lower than $2 trillion as requested by the Democrats. 

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