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Russian stocks fall amid Brent price drop, sharp ruble volatility

December 30, 2014, 20:19 UTC+3 MOSCOW
Another decrease in Brent oil price and the news that some hydrocarbon deposits were discovered in the US exerted some pressure on domestic oil sector stocks
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© ITAR-TASS/Sergey Bobylev

MOSCOW, December 30. /TASS/. Russian stocks decreased on Tuesday amid Brent price decrease, S&P’s decision to put several domestic banks and companies on negative credit watch, and sharp volatility of the ruble, analysts said.

The MICEX fell 2.54% to 1,396.61 and the RTS decreased 0.55% to 790.71, as the fall was technically limited by the ruble upward correction.

Another decrease in Brent oil price and the news that some hydrocarbon deposits were discovered in the US exerted some pressure on domestic oil sector stocks, Anna Bodrova, an analyst at Alpari, said. Brent fell about 0.57% to U.S. $57.55 per barrel.

The Russian ruble fell to 58.92 against the US dollar at the opening and rebounded to 54.90 as of 6.49 p.m. Moscow Time.

S&P put long-term credit ratings of some Russian credit and financial organizations, including 10 banks, and nanotechnology company Rusnano on credit watch with negative outlook and also downgraded Otkritie Financial Corporation Bank outlook, which provided negative sentiment to financial sector stocks.

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