Russian stocks to rise as oil prices jump above $51 per bbl

MOSCOW, Feb 2 (PRIME) -- The Russian stock market will grow on Monday in the morning on an upsurge of oil prices on January 30, while the overall background at the trading session’s opening is unfavorable, analysts said.

“Quotations of Russian highly liquid securities may receive support from oil prices in spite of a quite unfavorable situation on global stock floors. Brent futures are trading above U.S. $51 per barrel; BakerHughes’ announcement of U.S. drilling volumes decrease was a reason for the oil market revival,” Olma’s senior analyst Anton Startsev said.

On January 30, the oil price jumped 6.38% although later Brent shed some gains.

U.S. stocks closed in the red zone on January 30 with the S&P 500 falling 1.30% and the Dow Jones 1.45%.

“Assuming that market players had begun to react on worrisome news from the U.S. oil market, that will mean that the lows have formed and that the quotations will recover in a mid-term prospective,” Andrei Dirgin, head of Alfa-Forex analytical department, said.

On Monday, Russian investors will pay attention to the E.U. industry sectors’ activity indices and to the U.S. consumer spending and wages’ figures.

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