Russian stocks seen firming on oil price increase

MOSCOW, Oct 11 (PRIME) -- The Russian stock market will likely edge up at opening on Wednesday thanks to an upward oil price correction, analysts said.

"The Russian stock market had no ideas for movement yesterday, yet it managed to rise by a token 0.1%. There are preconditions for continuation of moderate growth today," Alor Broker analyst Alexei Antonov said.

BitRiver financial analyst Vladislav Antonov said that the ruble was supported by a statement by Deputy Chairman of the Central Cank Alexei Zabotkin that the bank would consider raising the key rate further in October.

The Brent oil price declined by 0.47% to U.S. $87.71 per barrel on Tuesday and slightly corrected upwards to $87.9 on Wednesday morning. A report of the American Petroleum Institute (API) on the U.S. oil reserves will be in the focus of investors' attention later in the day, the analyst said. But the conflict between Israel and Palestine has affected the oil market to a small extent, the analyst said.

Alexander Arutyunyan, chief economist at Russ-Invest, said that the background for the start of the Russian session was positive, as the S&P 500 gained 0.52% on Tuesday, the Asian markets were on the rise on Wednesday morning, the risk indices VIX and DXY declined.

Statements by officials of the U.S. Federal Reserve System made investors believe that the key rate rise would stop at least in 2023, Arutyunyan said.

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