Russian stocks seen growing at opening on oil price increase

MOSCOW, Oct 11 (PRIME) -- The Russian stock market will likely rise on Monday at the start of the session because the oil prices increased, analysts said.

"I expect the market to open higher. The oil prices are trying to break through the previous high and head to a resistance level of U.S. $85.5 (Brent). The market expects oil product demand to grow in the winter period. The number of longs for the oil futures is rising," Alexander Vernikov, head of the investment analysis and education department of investment company Univer Capital, said.

Alor Broker senior analyst Alexei Antonov said that the oil sector is to lead the market.

He said that the U.S. futures was flat on Friday's close, which meant that the American market stopped growing. The MOEX Russia Index ignored the lack of increase in the past, but will most probably correct downwards as well soon.

According to Vernikov, the U.S. reporting season is to bring good news, but the companies might forecast worsening quarterly performance in the future, which will make the Russian investors wary.

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