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PKN, Lotos Shares Retreat as Crude Oil Drops to Eight-Month Low

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June 21 (Bloomberg) -- PKN Orlen SA and Grupa Lotos SA, 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.

To contact the reporter on this story: Piotr Bujnicki in Warsaw at pbujnicki@bloomberg.net

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

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