Investors look for Russian update from BP

Oil giants BP and Shell will announce first-quarter results in a busy week for the City, despite the glut of bank holidays.

Analysts at Charles Stanley forecast that BP's earnings will be $5.7bn (£3.5bn), marginally up on last year. Investors are waiting for its chief executive, Bob Dudley, to update on the proposed $10bn share swap with Russia's Rosneft. BP's partner in its existing Russian venture, TNK-BP, has won an injunction against the deal.