Russian stocks may decline as oil prices retreat from $50 level

MOSCOW, Jul 6 (PRIME) -- The Russian stock market is likely to demonstrate negative dynamics at the start of the Wednesday’s trading session because oil prices have not managed to consolidate above U.S. $50, analysts said.

“The influence of the key factors that have a significant impact on the behavior of the Russian financial market has been negative today in the start of the day. Oil futures’ quotations descended to about $48 per barrel on the back of a starting investors’ exodus from risk and on worries concerning an increase in excessive oil supply,” Oleg Shagov, head of investment company Solid’s research department, said.

U.S. stocks futures are in the red zone, Asian markets are decreasing and the European premarket signifies opening with a downward gap, all these factors also contribute to bearish moods in Russia.

Сoncerns over Brexit have regained importance, media reports that some U.K. real estate funds froze account withdrawal due to a large number of clients wanting to disinvest are adding to the downbeat mood, Olma senior analyst Anton Startsev said.

The MICEX is expected to open at 1,895, Shagov said. The RTS will keep on correcting downwards, Startsev said.

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