Russian Stocks at Four-Month High as Oil Gains on Saudi Pledge

  • RTS index reverses early losses with energy shares advancing
  • Saudi Arabia Ready to Cooperate with OPEC, press agency says

Russian stocks rose to a four-month high as prices of energy companies rose following comments from Saudi Arabia that it will cooperate with other producers to maintain stable oil prices.

The dollar-denominated RTS Index reversed earlier losses and rose 1.3 percent to 899.96 as of 3:43 p.m. in Moscow. The ruble pared declines of as much as 2 percent and traded down 1 percent at 65.4050 against the dollar.

Saudi Arabia said it’s ready to cooperate with OPEC and non-OPEC producers to maintain stable oil prices, according to the official Saudi Press Agency. Brent crude turned back earlier losses, climbing as much as 2.4 percent.

Russia is the world’s biggest energy exporter and crude producers Lukoil PJSC and Surgutneftegas OAO advanced 3.7 percent and 2.5 percent, respectively.

The Micex stock index reversed early losses and traded up at 1,859.39 as of 3:25 p.m. in Moscow, the highest intraday level in seven years.

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