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Russia Stocks Drop as Economic Woes Drive Oil Below $100

Russian stocks sank for a second week, erasing the benchmark index’s gain this year, as concern the global economic recovery is faltering pushed crude below $100 for the first time since February.

The 30-stock Micex Index retreated 0.3 percent to 1,386.41 by the 6:45 p.m. close in Moscow. The benchmark lost 5.9 percent this week, the biggest weekly drop since December. OAO Novolipetsk Steel, billionaire Vladimir Lisin’s steelmaker, fell to an almost three-year low on concern the European economic slowdown may curb demand for the metal. Oil producers OAO Surgutneftegas and OAO Gazprom Neft dropped at least 0.8 percent. OAO Raspadskaya, a Russian coal producer, added 1.4 percent.