Russian stocks may rise at opening amid oil price recovery

MOSCOW, Jan 23 (PRIME) -- The Russian stock market can open higher on Monday in light of the recent oil price recovery, analysts said.

“Purchases can prevail on the Russian stock market at the opening of the trade session thanks to the support of oil prices recovering at the end of the previous week,” senior analyst at financial supermarket Banki.Ru Bogdan Zvarich said.

Zvarich also said that according to the technical analysis, the local market is likely to continue its downward movement to the area of 2,050–2,100 later in the day.

BitRiver financial analyst Vladislav Antonov does not rule out that Russian stocks can rally on Monday and Tuesday to break through the 2,225 mark.

The global background looks moderately positive, Zvarich added. The main Asian bourses are adding up to 1.4%, the core U.S. indices futures are consolidating at the level of January 20’s closing, and the Brent oil price is losing around 0.1% to U.S. $87.6 per barrel.

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