Brent’s Slump to Five-Month Low Spurs ADR Drop: Russia Overnight

Russian equities traded in New York headed for their third straight monthly decline, the biggest stretch of losses in three years, as a tumble in Brent crude sent OAO Lukoil and OAO Gazprom Neft lower.

The Bloomberg Russia-US Equity Index of the most traded Russian companies in New York sank 2.7 percent to 82.65 yesterday, extending its retreat for a third month, the longest string of declines since February 2009. Lukoil, Russia’s largest non-state oil producer, fell from a two-week high while Gazprom Neft, the oil arm of Russia’s biggest company by value, slipped the most in a week. Futures on the dollar-denominated RTS index gained 0.1 percent.