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

Dec. 7 (Bloomberg) -- 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 Jcorcoran13@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net