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MOSCOW, November 27. /TASS/. Russian stocks plunged on Thursday as the decision by the Organization of the Petroleum Exporting Countries (OPEC) to maintain output heralds a further weakening of the national currency and rampant inflation, analysts said.
The MICEX fell 0.37% to 1,531.69 and RTS decreased 2.06% to 1,006.43.
“It means that oil has all it takes to plunge below $70 per barrel in the nearest future. It is a bad sign for the Russian economy. Further decreases of oil prices will lead to a fresh ruble weakening and stagnation of the country’s oil production,” Anna Kokoreva, analyst at Alpari, said.
“In its turn, the ruble fall will spur up inflation and the forecasts of a double-digit inflation figure may come true.”
Trading was volatile with no clear trend until the OPEC decision, which came in the evening, Metropol analyst Sergey Filchenkov said.
After the decision was announced, Brent oil price fell 3.82% to $74.78 per barrel as of 6.24 p.m. Moscow time.
Oil company Lukoil looked stronger than the market gaining 0.66% to 2,295 rubles after its Vice President Leonid Fedun said that $25 per barrel is the minimal price when the company can be profitable.
Power holding Inter RAO shaved off 0.22% to 0.009170 rubles following the publication of strong January-September results after a loss it posted a year earlier.