Russian stocks may fall on oil prices below $34 per barrel

MOSCOW, Feb 2 (PRIME) -- Russian stocks are projected to decrease at the opening on Tuesday on the back of global oil prices falling below U.S. $34 per barrel, analysts said.

“We expect the Russian stock market to open with a decrease to 1,765–1,770 points at the MICEX index, assuming that this stock indicator may continue a downward trend amid worsening foreign conditions,” Oleg Shagov, head of investment company’s Solid analytical department, said.

The influence of external conditions on the Russian stock market is negative on Tuesday morning, Shagov said. “Brent has again fallen below $34 per barrel on the back of forecasts of a further growth of the U.S. oil reserves and OPEC’s decline to hold an emergency meeting to discuss a reduction of excessive oil supplies,” the analyst said.

The U.S. stock index futures are decreasing, and main Asian stock index indicators are also mostly demonstrating negative dynamics.

“A downward correction on the RTS index may deepen today at the start of trading,” Olma senior analyst Anton Startsev said.

The oil price and the ruble rate dynamics will remain the key drivers for the Russian stock market, analysts said.

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