Oil shares sell best on Russian stock market

At today's stock trade on the MICEX, there have been no sufficient fluctuations of the majority of blue chips. Experts point to the demand for shares of oil producers. For example, LUKoil shares gained 0.35 percent, the Surgutneftegaz oil and gas company advanced by 0.17 percent and the Sibneft oil company grew by 0.4 percent. At the same time, the shares of the YUKOS oil company have declined by 0.19 percent by now. Analysts believe that this could be triggered by the company's refusal to participate in the auction for the state stake in the Russian-Belarusian Slavneft oil company.

On the whole, consolidation has continued on the Russian stock market within the range between 350 and 360 points of the RTC index. At the same time, the positive disposition regarding medium-term outlooks for the stock market has been preserved. Analysts point out that the major obstacle for the continuation of the growth of Russian shares is the complicated situation with oil prices, where supply exceeds demand considerably. Additionally, the oil market is negatively influenced by the uncertain situation around Iraq.