Russian stocks may increase supported by growing oil prices

MOSCOW, Jan 24 (PRIME) -- Russian stocks may increase at the opening on Tuesday supported by growing oil prices amid oil producing countries fulfilling an oil production cut agreement, analysts said.

“We expect the Russian stock market to open at around 2,150 points at the MICEX index, assuming that this stock indicator is capable of demonstrating a rebound after a reduction during nine trading sessions in a row,” Oleg Shagov, head of investment company Solid’s research department, said. On Monday, the MICEX closed at 2,146.09.

The ultimate influence of key external factors that have a significant impact on the Russian financial market is moderately positive, the analyst said. Brent oil futures have won back yesterday’s decline and returned to the level of U.S. $55.5 per barrel after Iraq announced intention to fully fulfill the obligations to cut oil production, the analyst said. Non-OPEC states fulfilling the agreement to reduce oil production also supports oil quotations, he added.

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

Investors will follow publication of X5 Retail Group’s operating results for October–December 2016, among other corporate events on Tuesday, Shagov said.

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