Russian stocks seen flat on small oil price increase

MOSCOW, Dec 2 (PRIME) -- The Russian stock market will likely open with marginal changes on Friday due to a small increase of the oil prices ahead of an OPEC+ meeting, analysts said.

"A mixed external background creates conditions for a flat opening of the MOEX Russia index. It will most probably continue yesterday’s … consolidation later on," Vitaly Manzhos, senior risk manager at investment company Algo Capital, said.

The remaining uncertainty on Russian oil price limit introduction by the E.U. remains the only important global event for the country's stock market, he said. The ceiling shall be imposed on December 5, at the same time with an embargo on imports by the E.U. states by sea.

Russia's official position is that the country will not sell oil at the imposed prices, and it is unclear how the oil companies will skirt the new limits, Manzhos said.

The U.S. stocks futures fell by 0.1–0.4% in the morning, the Brent futures gained 0.2%, In Asia, the Shanghai Composite declined by 0.2%, Japan's Nikkei225 sagged by 1.7%, which makes the external background for the session mixed, he said.

BitRiver financial analyst Vladislav Antonov said that the Brent prices reached U.S. $89.34 per barrel, but will likely remain under pressure and will be unable to rise to $90 ahead of a meeting of OPEC+.

Manzhos said that Gazprom's shares remain under pressure after Uniper sued the company, but growth of the local regulated gas prices by 8.5% for all types of consumers since Thursday may comfort investors.

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