Russian stocks to rise bolstered by oil price growth

MOSCOW, Jun 10 (PRIME) -- The Russian stock market will increase at the opening of Wednesday’s trading session because oil prices are rebounding, analysts said.

“My calculations show that the influence of key external factors on the Russian stock market is positive today at the start of the day. The Brent price again rose above U.S. $65 per barrel. The U.S. futures are gaining slightly. The leading Asian stock indicators are mostly demonstrating growth,” Oleg Shagov, head of analytical department at investment company Solid, said.

All investors’ eyes will be on a meeting between leaders of Greece, Germany and France who will discuss Athens’s debt and ways to solve the problem, Olma’s senior analyst Anton Startsev said.

Visit of President Vladimir Putin to Italy will be the most noteworthy event for Russian investors, Shagov said. Putin and Italy’s Prime Minister Matteo Renzi will open Russia’s day at Milano’s Expo-2015.

The U.S. will release oil reserves data, which can shape the Russian market dynamics to a certain extent, Startsev said.

On Tuesday the U.S. institute API already released its oil reserve estimates, which signal that the crude reserves fell on the week, which is why traders expect that the official U.S. data will also indicate a decrease, ITInvest analyst Vasily Oleinik said.

Russia’s Lukoil will release a January–March report calculated under International Financial Reporting Standards, which may influence Russian market trends, Startsev said.

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