The price of crude on the New York commodity exchange today reached its pick, at $43 per barrel. Experts interviewed by RIA Novosti link the hike to the ongoing standoff between the Russian oil giant and the government.
Yukos shares dropped by 21.24 percent at a Moscow Interbank Currency Exchange (MICEX) trading session today, this despite their being withdrawn from trade three times during the day. Yukos shares will not be available on the market until the Federal Service for Financial Markets rules otherwise.
The RTS trading session saw Yukos shares plummet by 20.28 percent. Other major Russian blue chips lost in value, as well; the MICEX index fell by 6.79 percent and the RTS index went down 5.89 percent.
On the MICEX, the shares of the Unified Energy Systems (UES) electricity giant went down 8.39 percent today; LUKoil's shares dropped by 5.85 percent; Norilsk Nickel's, 10.54 percent; Surgutneftegaz's, 4.77 percent; and Rostelecom's, 6.28 percent. Mosenergo shares showed a reverse tendency by rising 8.04 percent.
At today's RTS session, the UES shares lost 8.55 percent of their value while LUKoil's shares fell by 5.28 percent; Norilsk Nickel's, 10 percent; and Rostelecom's, 6.28 percent.
On overseas markets, YUKOS shares, available there as ADRs (or American Depositary Receipts), registered brisk trade today. Transactions involving Yukos ADRs came to $60 million on the London Stock Exchange, alone.
The drop in Yukos share prices had been triggered by the management's announcement that the company may suspend oil production in the days ahead and that bailiffs remained reluctant to unfreeze its assets, experts explain.
