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. Last Updated: 07/27/2016

RTS Up 4% on Demand for Oil

Shares closed higher Tuesday on local buying and Western demand for oil stocks, though dealers were not sure the positive close was a return to a growth trend seen at the start of the year.

The key RTS index closed up 3.82 percent at 294.220 on turnover of $29.4 million. The Reuters Russian Composite ended up 3.72 percent at 2,003.91.

The Reuters index of the ruble-based Moscow Interbank Currency Exchange ended 3.63 percent higher at 1,411.11 on trade of 4.7 billion rubles ($153 million).

"I really don't know what the Russian brokers and clients are going to do with all the shares they bought today; it is a mystery to me," said NIKoil head of trading Andrei Kukk, adding that he still thought the market was in a downtrend.

"With the exception of Yukos and LUKoil, shares will fall again in one or two days, I am 99.9 percent sure of that," he said.

LUKoil closed up 3.52 percent at $14.70, while rival Yukos added 4.14 percent to $6.29.