Oct. 16 (Bloomberg) -- Russian stocks fell to the lowest in three years, led by OAO Rosneft and OAO Lukoil, as sinking oil prices hurt the outlook for Russia's economy.

The Micex Index fell 9.1 percent to 627.24 at 10:37 a.m. in Moscow, the lowest since June 2005. The dollar-denominated RTS Index sank 5.4 percent to 746.44.

Crude futures fell 3 percent to $72.33 a barrel today after dropping 5.2 percent overnight in New York. The Standard & Poor's 500 Index of U.S. stocks dropped 9.1 percent yesterday, the biggest loss since 1987.

``Russian equities will continue to blow in the wind until the global financial-stability effort starts to take effect and we have a handle on the damage inflicted on the global economy,'' said James Beadle, chief investment strategist at Pilgrim Asset Management in Moscow.

Rosneft, Russia's biggest oil producer, fell 7 rubles, or 6.9 percent, to 94.78 rubles. Lukoil, the second-biggest, sank 84.9 rubles, or 8.3 percent, to 943 rubles.

To contact the reporter on this story: William Mauldin in Moscow at wmauldin1@bloomberg.net.

Last Updated: October 16, 2008 02:44 EDT