Russian stocks may open lower as oil prices under pressure

MOSCOW, Mar 3 (PRIME) -- The Russian stock market may edge down at Friday’s opening amid negative environment on the world’s stocks exchanges and a slide in oil prices, analysts said.

“The Brent oil price fell to U.S. $55 per barrel after Saudi Arabia announced its plans to cut prices for crude delivered to its customers. Such a policy swing was a surprise for the market,” Oleg Shagov, head of investment company Solid’s research department, said.

Shagov expects the MICEX to fall to 2,045-2,055 at opening, assuming that further depreciation of the external background may force the market to test a support zone of 2,025-2,030.

“The RTS index might keep on declining slowly following the oil prices,” Anton Manayev, head of the trade operations department at investment company Olma, said.

Most U.S. and Asian benchmarks are trading in the red territory.

The market will also be driven by releases of financial reports by oil and gas pipeline maker TMK, utility company Mosenergo and gold miner Nordgold.

(58.4067 rubles – U.S. $1)

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