Russian stocks seen falling on oil price dive

MOSCOW, Jun 23 (PRIME) -- The Russian stock market will likely open lower on Friday, as the oil price decrease that started on Thursday continued in the morning, analysts said.

"The Russian stock market started yesterday's session with a sag, most of which was erased in the evening in spite of a 4% oil price decline,” head of Alor Broker investment consulting department Alexei Antonov said.

“This means that most investors are not ready for a large-scale profit taking yet. However, there are no reasons for growth either."

The oil prices fell by 1% on Friday in the morning to U.S. $73.3 per barrel despite a report about a decrease of the U.S. reserves.

BitRiver financial analyst Vladislav Antonov said that the oil price dynamics was triggered by fears of high key rates, a weak Chinese economy and a recession in the U.S.

Senior analyst at financial supermarket Banki.Ru Bogdan Zvarich said that investors are reducing risky assets in their portfolios after U.S. Federal Reserve System Chairman Jerome Powell said that it could raise the key rate twice in 2023 to fight inflation.

Zvarich said that preliminary business activity reports for the European countries and the U.S. would affect trade significantly later in the day.

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