Russian stocks may rise on oil price growth, ruble weakening

MOSCOW, Aug 2 (PRIME) -- The Russian stock market will increase an opening on Wednesday as the oil prices continued to rise, and the ruble weakened, analysts said.

"The Russian shares may attempt to continue growth today at the start of trade in spite of a deterioration of mood on the foreign floors, on the back of a further improvement of the situation with the oil prices," Bogdan Zvarich, senior analyst at financial platform Banki.ru, said.

The Brent oil blend closed at U.S. $85.77 on Tuesday and added to $85.8 on Wednesday morning.

BitRiver’s financial analyst Vladislav Antonov said the ruble remained volatile and decreased noticeably on Tuesday in spite of all support factors.

According to Zvarich, the leading Asian indices declined by up to 2.2% in the morning, the key U.S. stocks futures lost up to 0.5% after rating agency Fitch downgraded the U.S. to AA+ from AAA, and the E.U. and the U.S. released weak manufacturing business activity data.

The analyst expects the MOEX Russia Index to rise to the next resistance level of 3,200 soon.

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