Russian Stocks Decline for Fifth Day, Led by Lukoil, Surgut

Russian Stocks Decline for Fifth Day, Led by Lukoil, Surgut

Russian stocks fell for a fifth day. OAO Lukoil, OAO Surgutneftegaz and OAO Gazprom Neft declined after oil prices sank below $90 a barrel in New York for the first time since Dec. 10, Bloomberg reported.

The ruble-denominated Micex decreased 3.9 percent to 1,718.23 at 11:48 a.m. in Moscow 29 stocks retreated and one fell. The benchmark has lost 13 percent since its high on Dec. 12. The dollar-denominated RTS Index slid 3.9 percent to 2,075.91 today.

Crude oil futures in New York dropped as a slump in Asian stock markets increased speculation about a global recession that would reduce energy demand. Asian stocks fell to a five- month low, and Hong Kong's benchmark index had the biggest drop since the Sept. 11 terrorist attacks.

Though support to buy back into the market may be growing, the heavy sell-off in the Asian markets this morning may delay enthusiasm for this.

Lukoil, Russia's second-biggest oil producer, dropped 4.8 percent to 1,782.31 rubles on the Micex Stock Exchange. Surgutneftegaz, based in the Siberian city of Surgut, fell 5.1 percent to 26.30 rubles. Gazprom Neft, the oil arm of gas giant OAO Gazprom, declined 5.8 percent to 136.13 rubles.

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