Russian Stock Market Reaches Historic High Amid Rising Crude Prices

The ruble-traded Moscow Exchange index was up nearly 0.7% on Monday afternoon and stood at 3,708 points as of 11:55am GMT, breaching the 3,700-poing level for the first time, amid a global rise of oil prices, RT writes.

Since the beginning of the year, the index has risen over 12%, and in May alone it has been up by 4%. The gains made on Monday mark the second time in less than a week that the Russian stock market has smashed its own record, suggesting that it will achieve a steady growth during the next period.

The rally also comes at a time when global crude prices continue to rise, and this can also be linked to the inflows of cash from funds investing in Russia, Russian media reported, citing analysts from investment company Freedom Finance.

The analysts also noted that the weakening of the US dollar has boosted commodity prices, as well as assets like gold. Additionally, at the moment there are lots of raw material companies on the Russian market, which also plays a part in boosting the markets.