MOSCOW, December 7. The stock indices of the Russian Federation ended the day decrease. So, the MICEX index (MICEX) by the end of trading on the Moscow exchange fell 0.8% to 1741,14 points, while the RTS fell by 2.26% to 793,36 item.
The cost of futures for oil of mark Brent with delivery in January 2016 on the stock exchange ICE in London fell by 4.2%, to $41,22 per barrel climbing above $42 per barrel for the first time since March 2009.
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© Sergey Bobylev/TASS
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External background for the Russian stock market remains negative, and the maximum we can expect buyers in the near future, this technical rebound, which, however, may not happen, says expert “BCS Express” Ivan Kopeikin. “The key negative factor for the Russian currency and stock assets remain the oil price today hit yearly lows. The participants were disappointed by the absence of any action by OPEC to curb long decline of the black gold. However, the number of drilling rigs in the U.S. continues to decline (last week there was a decrease of 10 rigs, according to Baker Hughes), which gives a small background on the rebound,” he said.
In the current circumstances is a high probability that the MICEX index will fall to marks 1600-1620 points, adds the expert IK “ITinvest” Vasily Oleynik. “Support 1800-1780 the MICEX index broke through. Now this range will act as resistance. And the nearest strong support is now in the range 1720-1700 points. The idea is that it should temporarily be delayed. While shopping don’t hurry”, – he said. According to Oleynik, the fed rate hike on December 16 is not embedded in the stock.
“An additional factor of risk for Russian assets remains a high probability of a rate hike already at the next meeting in December. Chances for the realization of this event in particular has increased with the Friday statistics on the us labor market”, – says Ivan Kopeikin from “BCS Express”. The number of jobs outside agricultural sector amounted in November of 211 thousand at expectations at the level of 201 thousand, and the unemployment rate remained at the level of 5%, the lowest level since 2008.
OPEC’s decision
According to the results of 168-th meeting in Vienna on 4 December, the Ministers of oil of the OPEC has not taken a clear decision on production quotas because of the position of countries that are not members of the organization. Currently the volume of oil production by OPEC members is estimated to be 31-32 million barrels./day. The previous quota was 30 million barrels./day.
As was stated by the Minister of oil of Iraq, the decision on quotas was not adopted because of the position of countries outside the cartel. In his opinion, to stabilize oil prices, all countries should set limits on production. Due to the lack of such restrictions, oil prices fell to their current levels, stated the Minister of oil of Iraq.
