Russian stocks may decrease pressured by oil price drop

MOSCOW, Dec 3 (PRIME) -- Russian stocks may decrease at the opening on Thursday being under pressure of sliding oil prices, analysts said.

“We expect the Russian stock market to open with a decrease at the RTS index and at around 1,765 points at the MICEX index, assuming that the Russian market will be under pressure of sales amid unfavorable foreign background, while the oil price dynamics will remain the key factor for it,” Oleg Shagov, head of the research department at investment company Solid, said.

The influence of the key factors that significantly affect the Russian financial market is moderately negative at the start of the day, Shagov said. Brent oil futures fell after the U.S. said its oil reserves grew for a 10th consecutive week.

The U.S. stock index futures are not changing a lot, while main Asian stock indicators are mostly decreasing.

“A downward correction may deepen at the start of today’s trading, as high-liquidity stock quotations did not reckon yesterday’s over 4% drop in Brent oil prices and increased concerns connected with expectations for the Federal Reserve’s key rate increase following a speech by its head Janet Yellen,” investment company Olma’s senior analyst Anton Startsev said.

Investors will follow President Vladimir Putin’s address to the Federation Council and the State Duma, the upper and lower houses of the Russian parliament, later in the day.

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