Russian stocks may grow on oil price rebound, positive background

MOSCOW, Jul 7 (PRIME) -- Russian stocks may increase at the opening on Thursday on the back of oil prices returning to the level of above U.S. $49 per barrel and a moderately positive foreign background, analysts said.

“We expect the Russian stock market to open positively at 1,890 at the MICEX today, assuming that this stock indicator will try to win back losses suffered over several last days,” Oleg Shagov, head of investment company Solid’s research department, said.

The dynamics of the stock market during the day will depend on the behavior of oil prices and Western stock indicators, as well as the ruble rate dynamics and ongoing events. Publication of the U.S. oil output data can be a strong driver for the market as well, Shagov said.

The influence of the key factors that have a significant impact on the behavior of the Russian stock market is moderately positive at the beginning of the day, Shagov said. Brent oil futures grew to $49 per barrel as the American Petroleum Institute (API) reported about a significant reduction of the U.S. oil reserves.

The U.S. stock index futures are not changing much, while main Asian stock indicators are not showing single dynamics.

“Some rebound of the RTS index is possible today at the start of trading in the wake of oil prices – Brent futures returned to the level above $49 per barrel after API reported about a decrease of the U.S. crude oil reserves by 6.7 million barrels over a week,” Olma senior analyst Anton Startsev said.

However, uncertainty about Brexit consequences remains a curbing factor for investors on stock markets, and a stable growth is unlikely so far, he said.

Investors will also follow publication of top lender Sberbank’s financial report later in the day, Shagov said.

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