Russian stocks may increase on rising oil prices

MOSCOW, Feb 9 (PRIME) -- Russian stocks may slightly increase at the opening on Thursday supported by growing oil prices and neutral background, analysts said.

“We expect the Russian stock market to open at the level of 2,190 at the MICEX index, assuming that this stock indicator will again reach the psychological level of 2,200 points if the foreign background improves,” Oleg Shagov, head of investment company Solid’s research department, said. On Wednesday, the MICEX closed at 2,189.61.

The ultimate influence of key external factors that have a significant impact on the Russian financial market is close to neutral today, the analyst said. Brent oil futures again grew above U.S. $55 per barrel on Qatari Energy Minister Mohammed Bin Saleh Al Sada saying that oil supply on the market is reducing, as the level of non-OPEC states fulfilling the deal’s terms is very high, while Goldman Sachs warned about an expected deficit of oil supply in the first half of the year despite growth of the U.S. oil reserves.

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

Ilya Frolov, a senior capital market analyst at Promsvyazbank, expects that the Russian stock market will make attempts to restore in the first half of the day, but the dynamics could be changed by the situation on European floors and oil prices.

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