Bloomberg News

Russia’s Biggest Oil Producers Advance on $105 Crude Oil

February 20, 2012

(Updates with closing prices in second paragraph.)

Feb. 20 (Bloomberg) -- OAO Rosneft and OAO Lukoil, Russia’s biggest oil producers, climbed more than 1 percent as crude oil rose to a nine-month high after Iran said it halted some exports.

Rosneft added as much as 1.2 percent before closing up 0.4 percent at 219.32 rubles by 6:45 p.m. in Moscow. Lukoil gained as much as 1.1 percent, its first advance in two days, and closed up 0.3 percent at 1,879.90 rubles.

Iran will supply crude to “new customers” instead of companies in the U.K. and France, the oil ministry’s news website, Shana, said, citing Alireza Nikzad Rahbar, a spokesman. Oil rose as much as 2.1 percent to $105.44 in New York.

--Editors: Alex Nicholson, Peter Branton

To contact the reporter on this story: Alex Nicholson in Moscow at anicholson6@bloomberg.net

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


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