Oil is still a handicap for market growth in Russia

Oil market volatility makes successful growth in tandem with global market very difficult.

02.Aug.16 2:44 AM
By Egor Doronin
Photo Toinnov.com

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Oil is still a handicap for market growth in Russia

After a good start Russian stock exchange indices are stagnating. Ruble MICEX is still positive at 0.5% growth while RTS is approaching red because of continued ruble drop. Market expectations have mirrored continued oil prices drop after a brief recovery. After a rebound last Friday Russian currency has lost 0.5% to dollar and euro.

After a rebound on Friday crude oil prices have continued their downward tendency after news of Saudi Arabia price decrease. this tendency is augmented by stable low demand on the global market. The number of active oil rigs in the US is on the rise. It indicates an increased activity of shale oil enterprises in the US.

Overall the blue chips are looking good. One of the growth leaders is Bashneft. Company stocks have reached a new maximum because of active trading, spurred by the company's upcoming privatization. In the afternoon the prices exhibited an icrease of over 7%.

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