Russian stocks seen decreasing because of oil price fall

MOSCOW, Nov 8 (PRIME) -- The Russian stock market will likely open lower on Wednesday because of an oil price decrease, analysts said.

"Sales in the Russian shares are expected to become more active today at the start of trade," Bogdan Zvarich, senior analyst at financial marketplace Banki.ru, said.

"Although investors shrugged off the decline on the fuel market a day earlier, when the Brent blend fell to the lower half of the U.S. $80–85 per barrel range, this factor may come to the fore in the next few sessions, which will pressure our market," Zvarich said.

The ruble weakened by 0.2% in the morning to 92.4 against the U.S. dollar, the analyst said.

The global market mood was moderately negative, as the key Asian markets lost 0.9%, the main U.S. stock market indices' futures eased by 0.1% after growing on Tuesday, the nearest Brent futures continued downward dynamics losing 0.2% to about U.S. $81.5 per barrel.

Cifra Broker said that a report by the Federal Antimonopoly Service that the prices for fittings had declined by 7% on average since mid-October might indicate a fall of revenue of Novolipetsk Steel (NLMK).

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