Russian stocks may rise at opening on oil price firming

MOSCOW, Dec 8 (PRIME) -- The Russian stock market will likely open higher on Friday thanks to an increase of oil prices, analysts said.

"The MOEX Russia Index target remains at 3,020. Recovery of the oil prices will be good for the oil firms. This should curb the decline of the index at the key session. I expect a further decline of the index to the target area," Alexei Antonov, head of Alor Broker’s investment consulting department, said.

"We expect purchases in the Russian shares to become active today at the start of trade," financial marketplace Banki.ru senior analyst Bogdan Zvarich said.

The Brent futures declined to their lowest since June to U.S. $73.58 per barrel on Thursday as investors were concerned with a possible non-fulfillment of the liabilities on voluntary oil output cut by the OPEC+ alliance members. Concerns over sluggish fuel demand amid a slowdown of the global economy has remained, Antonov said.

However, after the leaders of Russia, Saudi Arabia and the United Arab Emirates confirmed commitment to the OPEC+ deal, Brent rose to $74.36, the analyst said.

The quotations grew further by 2% to $75.6 on Friday in the morning, Zvarich said.

The ruble was supported by the Russian budget revenue and spending overview provided by President Vladimir Putin on Thursday, Antonov said. Deficit stood at 0.5% of the gross domestic product (GDP) in January–November compared with a 2% plan for 2023. The consolidated budget had a surplus in January–November.

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