Lukoil Leads Worst Start Since 2008 on Ruble: Russia Overnight

OAO Lukoil retreated for a fourth day in New York, leading the worst start to a year since 2008 for Russian crude producers, on concern that a strengthening ruble will cut profitability and oil will extend its drop.

American depositary receipts of Lukoil, Russia’s second-largest oil company, slipped 0.4 percent to $66.11 in New York yesterday, extending its slump this year to 2.1 percent. OAO Gazprom Neft dropped 1.5 percent in the first 10 days of 2013, the worst performance in three years, and OAO Surgutneftegas has added 2.7 percent, the poorest start since 2011. The Bloomberg Russia-US Equity Index rose 0.2 percent to 100.46 yesterday and RTS stock futures expiring in March held at 157,290.