Russian stocks may increase as oil prices near $50 notch

MOSCOW, Sep 9 (PRIME) -- The Russian stock market may grow at Wednesday opening as oil prices are recovering and have almost reached a U.S. $50 per barrel notch, analysts said.

“The influence of the key external factors, which have a significant impact on the behavior of the Russian financial market, is positive today in the start of the day, under our estimates,” Oleg Shagov, head of analytical department at investment company Solid, said.

Brent rose 0.69% to U.S. $49.86 per barrel at 8.52 a.m. Moscow time on the back of Chinese oil imports forecasts, analysts said.

Futures for U.S. stock market indices were increasing on Wednesday in the morning, key Asian indices ascended, which will make for a positive background at the opening of the Russian trading session, Vitaly Manzhos, senior analyst at Bank Obrazovanie, said.

In these circumstances, the MICEX is likely to try to break the resistance zone of 1,730–1,735, Shagov said. The RTS will witness a short rally, Olma’s senior analyst Anton Startsev said.

Oil futures will be in the focus of traders’ attention in the evening. There will be no important macroeconomic statistics releases, Manzhos said.

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