London pre-open: Traders set for quiet day on Christmas Eve

London's FTSE 100 is expected to open up 0.14% on Thursday from the previous day’s close of 6,240.98 as the market prepares for a quiet day of trading on Christmas Eve.

The UK market shuts at 1230 GMT for the festive season with the only notable economic data release being the US initial jobless claims report, which is due after the close at 1330 GMT.

Oil prices will be in focus after Brent and West Texas Intermediate crude surged on Wednesday. OPEC has predicted that oil prices are set to recover, reaching $70 per barrel by 2020. The organisation also said it will cut its supply on rival production in the future.

On the company front, Polymetal said it was entering a joint venture with Polyus Gold to develop the Nezhdaninskoye gold deposit in Yakutia, Russia .The deal, in which Polymetal could invest up to $80m, will allow the company Polymetal to acquire up to 50% in the joint venture through an earn-in mechanism. During the first stage of the deal Polymetal will obtain 15.3% interest in the joint venture for $18m in cash. Upon completion of stage 1, expected to take 15 months, Polymetal will have an option to participate in the second stage for a further $72m.

NewRiver Retail Limited said it has exchanged contracts to acquire the Neptune Portfolio for £92.3m, equating to a net initial yield of 8.0%, an equivalent yield of 9.6% and a reversionary yield of 10.5%.

Segro has agreed to sell its portfolio of offices on the Bath Road in Slough for £325 million to clients of AEW Europe.The sale price represents a net initial yield of 5.6 %, a topped-up net initial yield of 6.3%and a small premium to book value at 30 June 2015. The transaction is expected to complete during January 2016.