Russian stocks to rise in early trade as oil price grows

MOSCOW, Oct 3 (PRIME) -- The Russian stock market is likely to start the Monday trade with a slight increase supported by the oil price growth, analysts said.

“The external background prior to the start of Russian trade is slightly positive. The rising oil price may support the shares of the Russian oil and gas sector. Dynamics of the Asian indices is weak, but the Japanese shares rise,” Otkritie Research’s leading analyst Andrei Kochetkov said.

The past weekend was alarming because Russia and the U.S. were pitched against each other, although there will be no some rash decisions, Kochetkov said.

Head of investment consulting division of Alor Broker Alexei Antonov also said that an almost 3% increase of oil prices should support the Russian market and the oil and gas companies in the first place.

The OPEC+ committee is to coordinate an oil production cut of 0.5–1 million barrels a day on Wednesday, which may become a signal to the West that the world would be unable to replace Russian oil if Moscow stopsexports following introduction of a price cap, he said.

“We also don’t rule out another serious strengthening of the ruble to happen any time as soon as the sanction risks grow,” Antonov said.

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