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Russian stocks to grow as oil prices surpass $62 notch

December 22, 2014, 10:14 UTC+3 MOSCOW
Mildening of the situation on the oil market may also trigger continuation of the already noticeable ruble strengthening on the foreign exchange market, experts say
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MOSCOW, December 22. /TASS/. The Russian stock market will open with increase on Monday because Brent oil price rose to $62.28 as of Monday morning, adding a positive sentiment, analysts said.

“Mildening of the situation on the oil market (Brent futures are trading at a level beyond $62 per barrel) may trigger an increase at the Russian stock market in the start of the trading session and may trigger continuation of the already noticeable ruble strengthening on the foreign exchange market,” Anton Startsev, Olma’s senior analyst, said.

The US stock market indices’ growth on Friday evening will also contribute to the Russian stock market gains on Monday, Denis Khripushin, analyst at 2trade.ru, said. The S&P 500 rose 0.46% and the Dow Jones increased 0.15%.

The MICEX is likely to reach 1,460-1,480 zone after a moderately positive start of the session, Vitaly Manzhos, analyst at Nord-Capital, said.

The oil and the ruble exchange rate dynamics will define the Russian market trends in the second half of the session, Manzhos said.

Release of home sales figures in the US on Monday evening will have a certain impact on the Russian market trends, Startsev said.

Infographics Oil prices over 30 years Oil prices over 30 years
Year-average inflation-adjusted oil price. Infographics by TASS

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