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. Last Updated: 07/27/2016

Shares Rise to 63.90

MOSCOW -- Russian shares closed at fresh 1999 highs Tuesday, with the market once again led by oil stocks as well as some positive political developments, traders and analysts said.

The dollar-dominated Moscow Times Index of 50 leading shares ended up 4.74 percent at 63.90. Volume was a healthy $10.14 million. The RTS index rose 3.33 percent to 86.63.

Oil stocks have been boosted by output cuts agreed to by OPEC last week, which aim to slash 2 million barrels per day from production.