PKN, Lotos Shares Retreat as Crude Oil Drops to Eight-Month Low
PKN Orlen SA (PKN) and Grupa Lotos SA (LTS), Poland’s top refiners, fell as oil dropped to the lowest price in eight months after U.S. stockpiles unexpectedly increased and a report signaled China’s manufacturing will shrink this month.
Orlen retreated 0.6 percent to 36.71 zloty at 2:58 p.m. in Warsaw, falling for the first time in three days, and Lotos declined 2.2 percent to 27.54 zloty, sliding for a second day.
Oil tumbled below $80 a barrel for the first time in eight months in New York after Federal Reserve policy makers lowered the outlook for U.S. economic growth and employment, while a preliminary reading of Chinese manufacturing by HSBC Holdings Plc and Markit Economics pointed to a contraction for an eighth month. China is the second-biggest user of oil after the U.S.
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