Russian stocks may rise backed by oil price growth

MOSCOW, Feb 21 (PRIME) -- The Russian stock market may edge up at the opening following strengthening crude prices and the positive dynamics of global stock exchanges, analysts said on Thursday.

“We expect the MOEX Russia Index to grow around 0.3% to 2,495 at the opening to price in the morning’s improvement of the external environment… with the main U.S. indices futures adding 0.4% and the Brent oil price rising 0.2% following Wednesday evening’s advance,” Vitaly Manzhos, senior risk manager at investment company Algo Capital, said.

Vadim Kravchuk, analyst at investment company Solid, said that the Brent crude is seen at around U.S. $67.20 per barrel supported by the oil production cut deal of OPEC and non-OPEC states. In December 2018, the participants of the deal decided to cut the output by an additional 800,000 barrels per day for OPEC and 400,000 barrels per day for non-OPEC states from the level of October 2018.

Senior analysts of Promsvyazbank’s economic and industrial analysis department Roman Antonov said that the MOEX Russia index may test a 2,500 mark during the day.

Russian traders will also follow oil company Gazprom Neft’s International Financial Reporting Standards (IFRS) financial results release for October–December 2018.

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