Russian stocks may decline in line with oil price dynamics

MOSCOW, May 15 (PRIME) -- The Russian stock market is likely to open lower on Monday because of discouraging dynamics of oil prices, analysts said.

“Sales will continue to prevail at the beginning of the trading session on the Russian stock market due to a worsened situation on the global energy market with the nearest Brent oil futures failing to stay within the range of U.S. $75–80 per barrel at the end of the previous week,” senior analyst at financial supermarket Banki.Ru Bogdan Zvarich said.

In the current conditions, the MOEX Russia Index can continue correction to the range of 2,500–2,550 by the end of the day, he said.

Zvarich added that the global sentiments look positive. The main Asian markets are adding up to 0.8%, and the core U.S. indices futures are consolidating at the levels of their previous closing. The Brent oil price has lost 0.3% to $73.9 per barrel.

PSB Bank senior analyst Yegor Zhilnikov said that the ruble is still under pressure and can weaken to 79 rubles per U.S. dollar during Monday’s trading session.

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