Russian stocks seen growing early on oil price increase

MOSCOW, Mar 1 (PRIME) -- The Russian stock market will likely open with higher Wednesday on the back of oil price gains, analysts said.

"The predominance of purchases in the Russian shares may persist today at the start of trade thanks to a better mood on other trading floors, and, in particular, the oil price recovery," financial platform Banki.ru’s senior analyst Bogdan Zvarich said.

The Brent prices grew 0.91% to U.S. $83.87 per barrel in the morning because China’s business activity indicators in the manufacturing and service sectors exceeded market expectations significantly, BitRiver financial analyst Vladislav Antonov said. The market shrugged off a report by the American Petroleum Institute, he said.

According to Zvarich, the global markets' mood may be characterized as positive. The leading Asian indices increased up to 0.7%, the key U.S. indices' futures consolidated slightly above Tuesday's closing.

The MOEX Russia Index will likely try to consolidate above 2,250 and attempt to reach February's maximums of about 2,300.

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