In a 3-day workweek after the national holiday, the Russian equity market and the ruble saw more growth on the back of positive oil price dynamics, which were supported by China’s promises of efforts on sustaining economic growth.
During a long week (there were six working days due to a shift of a Saturday day off to Monday) the Russian equity market and the ruble demonstrated positive dynamics mainly due to oil price growth in the beginning of the week, which was driven by the newsflow surrounding potential agreement between oil producing countries on freezing oil production levels.
The Russian equity market and the ruble declined last week mainly on the back of an oil price contraction.
The Russian equity market and the ruble were rather volatile last week mainly on the back of high volatility on the oil market.
The Russian equity market and the ruble continued increasing due to continued rebound in oil prices. The rumor of a potential coordinated cut in oil production by Russia and OPEC was one of the factors supporting this rebound.
The Russian equity market rebounded on the back of a surge in oil prices, which recovered towards the end of the week from the lows last seen in 2003.
The Russian equity market was hit by a 15% drop in oil prices last week, on the back of intensifying concerns around Chinese growth, increase in oil inventories in the US, as well as anticipation of lifting the sanctions from Iran.