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Russian shares moved little amid hopes that the US would cut interest rates to boost the economy.
But Russian energy stocks put in a better performance, particularly those in the oil sector, which were helped by a fresh rise in the value of crude. News from Russia's customs committee that the country's total crude oil exports swelled to 88.8mn t (3.58mn b/d) in the first half of this year--up by a hefty 14pc on the first six months of 2001--also helped boost sentiment. The RTS closed 2.85pc up on the week at 335 points.
A greater-than-expected increase in oil output for the first half of 2002 helped to lift Lukoil shares by 4.6pc to $15.85. The company's value was also supported by news that Yukos may be prepared to join it in a project to build a new crude terminal at Murmansk.
Sibneft's share value rose by 5.3pc to $1.89 after it succeeded in winning a long-term contract to supply the Moscow Oil Refinery (see p9). The move is part of a plan to increase its shareholding in the plant and boost its share of the capital's $5bn fuel market.
Tatneft shares leapt by 8.7pc to 63 cents …