Most of the European stock markets are shut today but not Russian RUS50. The index is vulnerable to changes in oil prices and can be used today as a kind of proxy for crude (oil market is closed). In spite of Mexico walking away from OPEC+ talks yesterday, today's 2% gain of RUS50 shows that hopes of oil output cut are still alive. G20 energy ministers will meet today at 1:00 pm BST to discuss output cuts.
RTS (RUS50) managed to test 50% retracement of the February-March drop yesterday (orange circle) but failed to break above. Today's gain of the index shows that hopes of oil output cut are not dead yet. Source: xStation5
