Russian stocks to grow as oil prices rise on OPEC decision

MOSCOW, Sep 29 (PRIME) -- Russian stocks may increase at the opening on Thursday reacting to OPEC’s decision to limit oil output, which spurred growth of oil prices to over U.S. $48 per barrel, analysts said.

“An increase (of the stock market) is possible today as a reaction to reports that OPEC is ready to consider limiting oil output at the range of 32.5–33.0 million barrels a day at a regular meeting in November,” Olma senior analyst Anton Startsev said.

“Although a decision to curb oil production has not been made, but the fact of oil exporting countries’ readiness to hold talks on measures to support prices may provoke a significant favorable reaction on the energy market in the short term,” the analyst said.

Finam analyst Bogdan Zvarich expects that the MICEX index will grow around 1.5% to over 2,000 points at the opening amid favorable foreign background, while further dynamics will depend on the situation on the oil market.

The U.S. Dow Jones rose by 0.6% and S&P 500 gained 0.5%. Japan’s Nikkei is growing by 1.6% and China’s Shanghai Composite is gaining 0.5% prior to the Russian opening, Zvarich said.

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