Russian Equity Slumps along Oil Prices

November 12, 2014

On Tuesday, world stock markets closed on the up, with the exception of Russia’s equity market. In Europe, in particular, Britain’s FTSE 100 added 0.24 percent finishing trading at 6,627.40 points, France’s CAC 40 grew 0.5 percent up to 4,244.10 points, and Germany’s DAX 30 gained 0.18 percent reaching 9,369.03 points.

As the price of oil dropped to the level of 2010, the MICEX index shed 0.1 percent down to 1,514.78 points and the RTS index slumped 1.58 percent down to 1,028.95 points.

In the USA, the Dow Jones grew 0.01 percent up to 17,614.90 points, the S&P 500 picked up 0.07 percent making 2,039.68 points, and the NASDAQ advanced 0.19 percent up to 4,660.56 points.

On London’s stock exchange, the Brent oil future went down by $1.09 reaching $81.25 a barrel. On the New York Mercantile Exchange, the WTI oil future declined by $0.11 down to $77.29 a barrel. The drop to a new low has to do with the announcement by the UAE Energy Minister that OPEC won’t lower its oil output target. The decision was influenced by an increase in demand in the US.

On the Forex market, EUR/USD is still holding at the same level as yesterday. The pair is starting a new movement.

Anna Gorenkova, NordFX Analyst

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