Russian Stocks are Rising Strongly for the Third Day in a Row
OREANDA-NEWS. The Moscow Exchange index, which reflects the ruble value of Russian shares, rose 0.5% on Jan. 6 and reached 3380 points for the first time, according to trading data. Investors have been buying Russian shares since the beginning of the year, encouraged by the rise in oil prices, which remains an important factor in filling the country's budget.
This is the third consecutive share price record this week since Monday. On Monday, January 4, the index exceeded 3330 points for the first time in market history and reached 3350, and on Tuesday rose for the first time to 3365 points. Since the beginning of the year, the index has grown by 2.4%. The RTS index, which expresses the value of shares in dollars, rose today by 1% to 1440.43 points - this is the maximum in February last year.
World oil prices on Wednesday, January 6, rose to a new pre-crisis maximum in February. Today, the price of Brent, the most popular grade of oil in the world, has risen by another 1% to $ 54.1 per barrel after the decisions of the OPEC + alliance, which unites 23 oil-producing countries. The price of the American WTI grade rose 0.5% to $ 50.2 per barrel, according to London trading data for contracts closest to execution. These were the last oil prices on 25 February.