Russian stocks can decline on oil price, foreign markets' fall

MOSCOW, Feb 13 (PRIME) -- The Russian stock market will likely ease at opening on Monday following decreasing oil prices and foreign markets, analysts said.

"The global market mood can be characterized as negative on Monday in the morning", senior analyst at financial supermarket Banki.Ru Bogdan Zvarich said.

"The leading Asian floors lost 0.9%, except the Chinese market that increased by 0.7%. The key U.S. indexes' futures decreased by 0.4%. The nearest Brent futures lost 1%, trading at U.S. $85.6 per barrel," he said.

Vitaly Manzhos, senior risk manager at investment company Algo Capital, said that it was still unclear how Russia’s decision to cut oil output by 500,000 barrels per day will boost the prices and to what degree the sales will be beneficial for Russia for the market to react.

Manzhos put the MOEX Russia Index opening range at 2,245–2,255, which is a 0.2–0.7% decrease. The levels of 2,240 and 2,220 would be support and 2,270 and 2,280 the resistance.

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