Russian Stocks Pare Gains as Crude Falls; Lukoil, Gazprom Slide

Russian stocks pared gains after oil, the country’s chief export earner, dropped from a 26-month high.

OAO Lukoil, Russia’s second-biggest oil producer, declined 1.8 percent. OAO Gazprom, the country’s natural gas export monopoly, fell 0.8 percent, paring the Micex Index’s gain to 0.2 percent at 1,676.41 by the 6:45 p.m. close in Moscow. The 30- stock gauge erased an earlier advance of as much as 1.7 percent.

Crude rose as much as 1.5 percent to $90.76 a barrel, the highest level since October 2008, before falling 0.8 percent to $88.61.

OAO Polyus Gold surged to its highest since May 2008 after billionaire owner Mikhail Prokhorov said he may merge Russia’s largest producer with a global competitor as early as next year. The stock gained 7 percent to 1,927.28 rubles.

To contact the reporter on this story: Jason Corcoran at

To contact the editor responsible for this story: Gavin Serkin at

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.