Russian stocks may rise on oil price growth, positive background

MOSCOW, Jul 30 (PRIME) -- Russian stocks may slightly increase at the opening on Thursday amid positive foreign background and oil price growth recovery, analysts said.

“We expect the market to open with an insignificant increase of around 0.2–0.3% at the MICEX index around the level of 1,625 points,” Vitaly Manzhos, senior analyst at Bank Obrazovanie, said. The nearest support levels will be 1,610 and 1,600 points, while 1,640 and 1,650 will be resistant levels, he said. The MICEX index could grow to 1,630 points in the first half of the day, he also said.

Brent oil prices resumed growth on news that U.S. commercial oil stocks fell by 4.2 million barrels, while the market expected the figure to contract only by 184,000 barrels.

U.S. stocks finished stronger on Wednesday after the Federal Reserve said the economy and job market continued to strengthen and left its key interest rate unchanged.

“Under our estimates, the influence of the main external factors on the Russian stock market is close to neutral today in the morning. Brent oil prices are fluctuating at around U.S. $53.5 per barrel. U.S. stock market futures are slightly reducing. Leasing Asian stock indicators are not showing single dynamics,” Oleg Shagov, head of analytical department at investment company Solid, said.

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