Russian stocks can rise as oil prices return to $100

MOSCOW, Jul 15 (PRIME) -- The Russian stock market will likely open higher on Friday on the back of an upward oil price correction to almost U.S. $100, analysts said.

"A better energy market situation and profit taking on speculative short positions in Russian stocks ahead of the weekend may condition an increase of our market and return of the MOEX Russia Index to the 2,080–2,100 range," senior analyst at financial supermarket Banki.Ru Bogdan Zvarich said.

According to Zvarich, the global market mood is moderately positive, as the key Asian markets added up to 0.5%, except the Chinese market that lost 0.5% on releases of weak gross domestic product (GDP) for April–June and June's industrial output figures. The key U.S. indices' futures corrected upwards by 0.2%. The nearest Brent futures rose by 0.9% to slightly below $100.

Alexei Antonov, head of the investment consulting department of Alor Broker, said that the Russian market is oversold, which will force investors to close speculative short positions. Nevertheless, sales may restart on the market with the MOEX Russia Index falling beyond 2,000.

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