Russian Stocks Gain on $82 Oil, U.S Service Industries Growth

Russian stocks gained after oil rallied on a report that U.S. service industries grew in July at a faster pace than economists had expected.

OAO Raspadskaya, Russia’s largest supplier of coal to steelmakers, advanced 3.4 percent. OAO Transneft, the state pipeline operator, added 1.3 percent. OAO Rosneft, the country’s largest oil producer, increased 1.3 percent, helping to push the Micex Index (INDEXCF) of 30 leading stocks higher by 0.4 percent to 1,418.05 at the 6.45 p.m. close in Moscow.

Crude oil futures rose 24 cents to $82.79 a barrel in New York after earlier trading for as little as $81.62 a barrel. Stocks in Russia reversed a loss of as much as 0.8 percent after figures from ADP Employer Services showed companies in the U.S. added 42,000 workers to payrolls in July, topping the median forecast of 30,000 jobs in a Bloomberg News survey of economists.

To contact the reporter on this story: Jason Corcoran at Jcorcoran13@bloomberg.net

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

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