Russian stocks may rise backed by oil price growth

MOSCOW, Sep 12 (PRIME) -- Russian stocks may increase at the opening on Wednesday receiving support from growing oil prices, analysts said.

“We expect the MOEX Russia Index to open with a significant increase of around 0.4–0.6%, in the range of 2,345–2,350 points. The nearest support levels will be 2,330 and 2,320 points. The main resistance will be at 2,360 and 2,380 points,” Vitaly Manzhos, a senior risk manager at investment company Algo Capital, said.

The foreign background prior to the opening of trading in Russia is mixed, he said. “At the same time, a clear improvement of moods on the oil market creates conditions for the positive opening of the local stock market,” he said.

The U.S. stock index futures are falling up to 0.05%, Brent oil futures are gaining around 0.4%, gold futures fell 0.3%, Japan’s Nikkei225 lost 0.3%, and Hong Kong’s Hang Seng decreased 0.1%.

The oil prices may test the level of U.S. $80 per barrel later in the day, Manzhos also said.

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