Russian stocks may rise at opening on oil price growth

MOSCOW, Jan 24 (PRIME) -- The Russian stock market will likely rise at the start of Tuesday’s trade as oil prices are growing, analysts said.

“Oil stocks were supported by the continued rise in oil prices. Having rebounded from the support of 2,150 points, the (MOEX Russia) Index value rose to 2,186 points. The growth of quotations up to 2,200 points indicates the readiness of the market for a new rally above 2,250 points,” BitRiver financial analyst Vladislav Antonov said.

He also said that the ruble is strongly supported by higher oil prices, foreign currency sales by exporters and the central bank, but also the ruble is under pressure from the growing budget deficit and the impending oil embargo.

Yevgeny Loktyukhov, head of Promsvyazbank’s research department, said that the situation on the oil market and global markets remains comfortable, disposing to further growth of quotations.

The Brent oil price could test the upper boundary of the current target range of U.S. $87–90 per barrel “in the absence of negative surprises from preliminary Purchasing Managers' Indexes (PMI) in Europe and the U.S. coming out today and weekly data on the U.S. energy market,” the analyst said.

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