BLBG:Russian Stocks Heading for Fifth Weekly Decline as Oil Retreats
Russian stocks slumped for a second day, heading for a fifth weekly drop, as oil fell and analysts forecast crude may retreat further next week after Libyan rebels consolidate their hold on the North African producer.
The Micex Index (INDEXCF) slipped 0.7 percent to 1,432.02 as of 11:30 a.m. in Moscow. A close at that level would bring the index’s weekly decline to 0.5 percent. OAO Lukoil, the country’s second- biggest oil producer, fell as much as 1.1 percent. OAO Surgutneftegaz, the fourth-biggest oil producer, and OAO Novatek, the second-biggest gas producer, both dropped more than 1.6 percent. The dollar-denominated RTS Index declined 0.4 percent to 1,577.04, trimming its first weekly gain in five weeks to 0.1 percent.
Crude for October delivery was 44 cents lower at $84.86 a barrel in electronic trading in New York. Oil may fall next week as Libyan rebels consolidate their hold on the country, with 17 of 34 analysts in a Bloomberg News survey forecasting the commodity’s price will decline through Sept. 2.
To contact the reporter on this story: Denis Maternovsky in Moscow at dmaternovsky@bloomberg.net
To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net
