Russian stocks to increase following oil price recovery

MOSCOW, Dec 23 (PRIME) -- The Russian stock market will grow on Wednesday at the start of a trading session because of rising oil futures’ prices, analysts said.

“An increase of the RTS following oil prices is possible today at the start of trade: a comparatively strong U.S. economic data (the gross domestic product rose 2% year-on-year) prompted a fuel price increase (traders most probably expect a stable global demand),” investment company Olma’s senior analyst Anton Startsev said.

Brent rose 1% to U.S. $36.47 per barrel at 8.58 a.m., Moscow time.

Vitaly Manzhos, senior analyst at Bank Obrazovanie, said that foreign markets are sending mixed signals: the U.S. stock market futures are falling, while Asian floors’ dynamics are mixed.

Solid’s senior analyst Oleg Shagov said as a result the MICEX is expected to open at 1,725 and can test the resistance zone of 1,740–1,750.

Manzhos said that the U.S. will publish durable goods orders and weekly oil reserves statistics, which will strongly influence the Russian market trends.

The Russian market activity will wind down gradually because of the approaching New Year holidays, Manzhos said.

Russian markets will be officially closed between January 1 and 10.

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