Russian stocks rise backed by higher oil prices, favorable mood

MOSCOW, Feb 12 (PRIME) -- The Russian stock market advanced on Tuesday thanks to a favorable foreign background with crude adding 2% and global stock exchanges trading higher, analysts said.

The MOEX Russia Index grew 0.92% to 2,533.32 and the RTS rose 1.18% to 1,215.47.

“The Russian stock market followed external floors’ dynamics which were optimistic thanks to lower risks of a new budget crisis in the U.S… As well as rising crude prices on the back of Saudi Arabia’s claims to reduce crude output,” Otkritie Broker analyst Andrei Kochetkov said.

The Brent oil price added around 2% to over U.S. $62.5 after Saudi Arabia’s Energy Minister Khalid Al-Falih told the Financial Times that the state will cut oil production to almost 9.8 million barrels per day in March and OPEC said in a report that the OPEC+ majors lowered the output significantly in January.

The European, U.S. and Asian markets were seen in the green territory during the day.

Mobile operator MTS was among the best performers growing 1.51% to 255.35 rubles on the news of its delisting from the New York Stock Exchange.

Below are the MOEX Russia Index’s five most active stocks on Tuesday:

Company	Change, %	Last price, rbl	Trading volume, bln rbl
Sberbank	+2.38	219.1	16.027
Gazprom	+1.48	163.68	2.434
Lukoil	+0.36	5439	2.382
Rosneft	+0.97	414.5	1.632
Magnit	0	4035	1.380

(65.6517 rubles – U.S. $1)

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