Russian stocks seen rising early as OPEC+ agree to cut output
MOSCOW, Jun 5 (PRIME) -- The Russian stock market will likely increase at the start of Monday's trading session thanks to a decision of OPEC+ to cut oil production in 2024, analysts said.
“Since the ruble is weakening and the oil price is rising, the MOEX Russia Index should continue the growth," BitRiver financial analyst Vladislav Antonov said.
The Brent oil price increased by 2.76% to U.S. $76.36 on June 2 ahead of an OPEC+ meeting on June 4 and by 2% to $77.81 on Monday in the morning, as investors' expectations of an output cut were met, the analyst said.
Strengthening of the U.S. dollar and the fact that OPEC+ will start to cut production only in 2024 limited the price rise, he said.
Alor Broker’s investment consulting department Alexei Antonov said that the oil sector will likely lead the market.