Bloomberg News

Rosneft Leads Oil Stocks Lower as Crude Falls on Europe Woes

June 05, 2012

OAO Rosneft, Russia’s biggest oil producer, OAO Tatneft (TATN) and OAO Lukoil led declines on the benchmark Micex (INDEXCF) Index as crude dropped on speculation Europe’s debt woes will curb energy demand.

Rosneft fell 3.5 percent to 196.30 rubles by the close in Moscow, the most in a month. Lukoil, the country’s biggest non- state crude producer, dropped 1.2 percent to 1,711.80 rubles, sliding for a second day. Tatneft, a regional producer, retreated 1.7 percent to 166.82 rubles. The Micex slid 0.7 percent to 1,297.04.

Brent crude dropped as much as 1.2 percent. Euro-area services and manufacturing output contracted in May, adding to signs the economy is suffering. Finance ministers and central bank governors from the world’s leading economies agreed to coordinate their response to Europe’s financial crisis on a conference call that dealt with Spain and Greece.

To contact the reporter on this story: Ksenia Galouchko in Moscow at kgalouchko1@bloomberg.net

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


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