Russian stocks to edge up backed by crude hitting 3.5-year record

MOSCOW, May 10 (PRIME) -- The Russian stock market is likely to open higher on Thursday supported by crude prices hitting U.S. $77 per barrel first since November 2014 on the U.S. decision to quit a nuclear deal with Iran, analysts said.

“The U.S. quitting the Iran “nuclear deal” and a possibility of introduction of new sanctions against Iran have propelled the Brent oil futures to above $77 per barrel, enough for traders to see higher limits for investment in Russian stock as reasonable,” Olma senior analyst Anton Startsev said.

The crude market was additionally supported by a favorable oil inventories report issued by the U.S. Department of Energy, he also said.

Alpari senior analyst Anna Bodrova said that the crude market is obviously bullish and is seen heading for over a $79 mark. Andrei Vernikov, deputy CEO for investment analysis at Zerich Capital Management, believes that oil prices may reach $80–82 per barrel.

RTS index is likely to edge up in early trading, Startsev added.

Local investors will also track news from President Vladimir Putin’s meeting with Israel’s Prime Minister Benjamin Netanyahu.

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