Russian stocks to rise backed by oil price growth on OPEC+ deal

MOSCOW, Jun 8 (PRIME) -- Russian stocks are projected to increase at the opening on Monday as oil prices are growing on the decision of OPEC+ states to prolong the production cut agreement and positive dynamics prevail on foreign floors, analysts said.

“We expect the MOEX Russia Index to open with an increase within 0.2–0.6%, in the range of 2,800–2,810 points. The nearest support levels will be 2,790 and 2,780 points. The main resistance will be at 2,830 and 2,840 points,” Vitaly Manzhos, senior risk manager at investment company Algo Capital, said.

Before the start of trading in Russia, the U.S. stock index futures are rising by 0.1–0.3%, Brent oil futures added 1.9%, China’s Shanghai Composite rose 0.2%, and Japan’s Nikkei225 added 1.0%.

Olma senior analyst Anton Startsev said, “The RTS Index may continue growth at the start of trading today. OPEC+ states have agreed to prolong restrictions on oil production for one more month, which provides support to oil futures quotations and shares of companies of the oil and gas sector.”

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