Russian stocks seen growing on upward oil price trend

MOSCOW, Sep 14 (PRIME) -- The Russian stock market will likely increase on Tuesday in the morning on the back of a growth of oil prices, analysts said.

"Oil is growing by 0.6% today in the morning, trading at about U.S. $74 per barrel. This gives reasons to expect a moderate, not as strong as yesterday, oil price increase. But it is too early to say that the sector is seeing an upward trend, as the securities of main issuers are seeing marginal changes," Alor Broker senior analyst Alexei Antonov said.

He added that the resumption of operation of capacities in the Gulf of Mexico will raise the global oil production by about 1.5 million barrels per day, which raises concerns about the continuation of oil price increase.

Vitaly Manzhos, senior risk manager at investment company Algo Capital, said that the Russian market would open with a small upward gap of about 0.1–0.4% at 4,045–4,060. The levels of 4,030 and 4,010 will be the nearest support ones and the levels of 4,070 and 4,080 the resistance ones.

According to Antonov, Gazprom and Novatek's shares will be supported by record gas prices in Europe. Nevertheless, Novatek already looks overheated, he said.

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