Russian stocks to grow as oil price rebounds to $50 notch

MOSCOW, Aug 7 (PRIME) -- The Russian stock market will rebound on Friday at the session’s opening because oil prices are recovering and heading for a psychologically important U.S. $50 per barrel notch, analysts said.

“The improvement of the external background in the morning creates conditions for a MICEX upward correction to a 1,680–1,690 range in the first half of the day. Later dynamics of the MICEX will depend on the results of a struggle between bears and bulls of the commodities market for the $50 Brent level,” Vitaly Manzhos, senior analyst at Bank Obrazovanie, said.

Both the U.S. stocks futures and the key Asian markets are growing, which provides an additional support to Russian assets, Manzhos said.

The RTS is fluctuating near the support zone of 800, and it might stop its decline, Olma’s senior analyst Anton Startsev said.

In the evening, investors will pay attention to the U.S. non-farm payrolls figures release because the data can influence the Federal Reserve System’s interest rate decision, Startsev said.

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