Russian stocks may continue upward trend driven by high oil

MOSCOW, Aug 30 (PRIME) -- The Russian stock market may continue its Monday’s growth trend at the opening on Tuesday thanks to oil prices still trading higher U.S. $100 per barrel, analysts said.

“We expects positive trends of the Russian stocks to continue today. The main reason for purchases will be improvement of the situation on the energy markets where the November futures on Brent oil has raised and stayed above U.S. $100 per barrel,” Bogdan Zvarich, senior analyst at financial platform Banki.ru, said.

According to Zvarich, the moods on the global trade floors are positive in the morning prior the opening in Russia. The leading Asian floors rising within 1.2%, except China that is losing 0.7%. The main U.S. stock futures are rising about 0.3% and Brent is trading around $102.4 per barrel.

Otkritie Research leading analyst Andrei Kochetkov also expects the Russian stock market to continue to grow.

The external environment in the morning is mixed, Kochetkov said, adding that riots in Libya and Iraq make everyone remember how vulnerable the oil market is.

Investors will track the releases of the consumer confidence index and the job openings and labor turnover survey in the U.S.

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