Russia stocks to open flat as oil consolidates before OPEC meeting

MOSCOW, Jun 1 (PRIME) -- The Russian stock market will likely open nearly flat on Wednesday on consolidating oil prices as investors are waiting for statements from Thursday’s OPEC meeting, analysts said.

“The influence of the key external factors which significantly affect the behavior of the Russian financial market is close to neutral today in the start of the day, according to our estimates. Brent quotations are fluctuating a round U.S. $49.5 per barrel on expectations of statements from OPEC ministers who are arriving to Vienna to participate in tomorrow’s oil policies meeting,” Oleg Shagov, head of investment company Solid research department, said.

U.S. stock market futures are little changed and Asian markets are declining, which will contribute to a mute dynamics on the Russian market, he said.

The MICEX is expected to open at about 1,900, Shagov said.

Anton Startsev, senior analyst at investment company Olma, said that the RTS will likely deepen its downward correction as market expectations of a soon key rate increase by the U.S. Federal Reserve System are pressurizing emerging markets.

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