Russian shares drifted lower on the back of weaker worldwide equity markets and an uncertain picture for crude prices.
The Russian Trading System closed 1pc down at 343 points, only briefly testing the 350-point level. Oil stocks were overshadowed by concerns that Opec members will decide to rein in production at their meeting this week in order to give crude prices some support into next year.
Sibneft was the only Russian oil firm to show any strength. Its share price rose by 5.1pc to $1.96 amid increasing signs that it will emerge as victor in next week's auction for a 75pc state stake in Slavneft (Surgut bows out of Slavnet race).
Sibneft has already won the auction for the 10.83pc stake owned by the Belarus state in Slavneft after the tender was reopened, confirming it as the frontrunner for the majority stake. Slavneft producer Megionneftegaz fell sharply, down by 5.5pc to $9.70, possibly on the back of profit,taking after a period of relative strength.
Meanwhile, Surgutneftegaz, widely seen as the only other serious contender for …