Russian stocks may rise as OPEC meeting reports push up oil prices

MOSCOW, Nov 23 (PRIME) -- The Russian stock market is likely to increase at Wednesday opening because the reports about a future meeting between OPEC and non-OPEC oil producers are sparking hopes that the oil output of the largest producers will be limited, and this idea supports oil prices, analysts said.

“The external background has remained moderately favorable but strong trends on the stock market are unlikely in the beginning of the trade,” Anton Startsev, a senior analyst at investment company Olma, said.

“A stabilization period has begun in the oil market after Brent futures approached a psychological threshold of U.S. $50 (the futures are traded close to $49 per barrel), a decrease of activity is possible on global markets as well because of holidays in Japan today (Labor Thanksgiving Day) and in the U.S. tomorrow (Thanksgiving Day),” Startsev said.

On Tuesday in the evening, OPEC postponed the consideration of Iran and Iraq’s participation in an oil steps agreement, Oleg Shagov, head of investment company Solid’s research department, said.

U.S. stock market futures are increasing as well as the key Asian markets. The European premarket hints at a possible growth, he said.

The MICEX is expected to open at 2,065–2,070, according to Shagov.

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