Oil Price Rebound Lifts Stocks

The MICEX Index climbed for the first time in five days as oil pared earlier losses and on speculation that a rise in early U.S. stock trading will boost world equities.

Surgutneftegaz advanced the most this month since Citigroup raised its rating on the shares to "buy."

The MICEX added 3.3 percent to 579.17 after falling earlier as much as 7.2 percent, triggering a one-hour halt on the MICEX Stock Exchange. The dollar-denominated RTS Index fell 0.6 percent to 601.76. The Russian Depositary Index, a measure of Russian Global Depositary Receipts trading in London, increased 3.7 percent to 752.68.

Surgut, the country's fourth-biggest oil producer, jumped 1.681 rubles, or 12 percent, to 15.565 rubles on the MICEX, its biggest gain since Oct. 30. Citigroup raised its recommendation on the shares to "buy" from "sell," citing an increase in cash and short-term investments at the end of the third quarter.

Severstal fell 3.99 rubles, or 5.5 percent, to 68.32 rubles. The company cut output by half and said it is seeking a loan from a state-owned bank for a $325 million bond payment after demand declined from carmakers and construction companies.

Uralkali retreated 3.62 rubles, or 9.3 percent, to 35.26 rubles. The government appointed Yelena Alexandrova, a lawyer who represented the Federal Tax Service in the case against Yukos, to re-examine a 2006 flood at a Uralkali mine, Kommersant reported Tuesday.