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. Last Updated: 07/27/2016

RTS Sets Year High Despite Oil Prices

The RTS index set a new 2001 closing high of 241.30, up 2.93 percent, Thursday on broadly positive sentiment that overcame softer oil prices, traders said.

The market's previous closing high was 236.53, reached Nov. 13. The index started the year at 192.142.

"Today we saw an epic battle of stock bulls versus oil bears, and the bulls won," said Peter Kizenko, a trader at Brunswick UBS Warburg.

Analysts said Russia was seen as a good investment now that a dispute with OPEC over export and production cuts has been settled for the time being.

"We'll see round two tomorrow, but the overall trend is higher," Kizenko said.

OPEC has welcomed Russia's announcement Wednesday that it will cut exports by 150,000 barrels per day, or 5 percent, from Jan. 1.