MOSCOW, Feb 17 (PRIME) -- The Russian stock market will likely edge down at opening on Wednesday because the oil prices have stopped rising and can start to correct anytime, analysts said.
"The external background was moderately negative in the morning. The American indices edged down after closing of our main session on Tuesday. The Asian markets are on the negative territory today. The S&P 500 futures fell by 0.05%, Brent is at about U.S. $63.4," Director of BCS Broker’s stock market experts department Vasily Karpunin said.
Karpunin said that a Bloomberg report that the U.S. production decreased by 3.5 million barrels per day due to a cold weather was no longer supportive of the prices, and the excessive growth of the last few weeks can soon come to an end.
Alor Broker senior analyst Alexei Antonov said that the oil price correction can start anytime and that an expected report signaling oil production decrease in the U.S. will not push the prices higher because the expectations have been already priced in. Antonov also said, "It is clear to everyone that the reduction of output in the U.S. is a temporary phenomenon."
The European indices closed neutrally, the U.S. S&P 500 closed with minor changes but, according to Karpunin, the U.S. market mood is deteriorating, which is manifesting in rising 10-year U.S. Treasuries yield that has reached a peak since February 2020.
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