Moscow shares lower as oil declines on speculation OPEC may raise output |
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Mon, 12 Nov 2007 14:16
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MOSCOW (Thomson Financial) - Moscow shares were lower in afternoon trade as investors sold shares in Russia's major crude producers on speculation that OPEC might raise output at an upcoming meeting.At 4.17 pm, the RTS index was off 13.23 points or 0.58 pct at 2,248.88.Saudi oil minister Ali al-Nuaimi said during a short visit to Kuwait this weekend that OPEC will discuss the possibility of raising oil output if it is necessary to address rising prices at an upcoming meeting.Meanwhile Kuwait's acting oil minister Mohammad al-Olaim said OPEC would be willing to increase output 'if there is a need to raise production in accordance with market parameters'.The cartel is holding a summit in Riyadh on Nov 17-18 and ministers are also due to meet in Abu Dhabi on Dec 5. It is unclear at which meeting al-Nuaimi was suggesting output would be discussed.At 12.21 pm, London's benchmark Brent crude contracts for December delivery were down 1.03 usd at 92.12 usd per barrel. Last week the contract hit an all-time high of 95.19 usd.Lukoil was hardest hit, shedding 3.40 usd, or 3.62 pct, at 90.40, while Rosneft lost 0.17 usd at 9.08 and Surgutneftegas fell 0.063 usd at 1.235.In London trade, Gazprom Neft ADRs also declined 0.10 usd at 25.85, while Tatneft GDRs lost 0.75 usd at 123.00.Several telcos were in positive territory, with Sistema's Mobile TeleSystems (MTS) up 0.92 usd, or 6.57 pct, at 14.92, Rostelecom ahead 0.05 usd at 9.70 and North-West Telecom up 0.08 usd at 1.95.alfred.kueppers@thomson.comamk/ajbCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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Oil dips on speculation OPEC will raise supply, US growth will slow 