Russian stocks may ease at opening on oil price correction

MOSCOW, Nov 14 (PRIME) -- The Russian stock market will likely edge down at opening on Monday due to correction in the oil prices, analysts said.

"The current external background can be described as moderately negative. At the same time, the local stock market is has a stability margin thanks to an increase on Friday afternoon creating preconditions for opening with small changes," Vitaly Manzhos, senior risk manager at investment company Algo Capital, said.

The Brent oil price decreased by 0.6% in the morning in correction after a 2.7% surge on November 11, with a return to the U.S. $95–100 corridor. According to Manzhos, in the next few days the Brent may break through the upper margin of the range.

The U.S. stock market futures fell by 0.3–0.7%, the gold futures lost 0.4%. The Shanghai Composite eased by 0.1%, Japan's Nikkei 225 by 0.9%.

Yaroslav Kabakov, director for strategy at investment company Finam, said that a recent U.S. inflation report has set the path for an increase on the global markets, but on Monday investors will follow a meeting between U.S. President Joe Biden and his Chinese counterpart Xi Jinping on the sidelines of a G20 summit.

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