Russian stocks may grow on oil price recovery

MOSCOW, Jul 10 (PRIME) -- The Russian stock market will likely pare losses at Monday opening on the back of a recovery of oil prices, analysts said.

“The ultimate influence of key external factors that have a significant impact on the Russian financial market is moderately positive at the start of the day,” Oleg Shagov, head of investment company Solid’s research department, said.

The Brent oil price took back a part of earlier losses, returning to the U.S. $47 per barrel level on statements that OPEC can ask Libya and Nigeria, earlier exempted from a liability to cut production, to start following the agreement terms, Shagov said.

U.S. stock market futures are growing, Asian markets are demonstrating mixed dynamics, the European premarket signals an increase during the trading session start later in the day.

Shagov said that these factors will contribute to the MICEX opening at 1,910–1,915. Anton Startsev, senior analyst at investment company Olma, said that the RTS can edge up but will possibly remain in a long-term downward trend.

Shagov said that the World Petroleum Congress continuing in Istanbul will be providing the world markets with sources for inspiration on Monday.

Ilya Frolov, senior stock market researcher at Promsvyazbank, said that ALROSA’s sales in June will be the most important corporate data in the day.

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