Russian stocks can consolidate on neutral crude price dynamics

MOSCOW, Nov 29 (PRIME) -- The Russian stock market is likely to consolidate on Wednesday ahead of a meeting of the OPEC+ monitoring committee expected to take place on Thursday and amid neutral dynamics of crude prices, analysts said.

“The short-term situation for the MOEX Russia Index remains unchanged, the benchmark stays within the range of 3,150–3,250. We can see no reasons for the index to leave the range,” Alor Broker analyst Alexei Antonov said.

Crude is trading neutrally at around U.S. $81.5 per barrel, he added. Steep short-term movements are not ruled out during the day in case there is information about a meeting of the OPEC+ monitoring committee, slated for Thursday.

Antonov also said that gold has entered the range of $2,040–2,070 per troy ounce so Russian precious metals producers can demonstrate a rise.

BitRiver financial analyst Vladislav Antonov said that the ruble strengthened at the beginning of the trading session, but may soon correct downwards to 94 rubles per U.S. dollar.

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