Russian stocks closed slightly higher on Monday in a thin trade supported by higher prices for oil, the country’s backbone, and a moderately positive Greek background, analysts said.

The MICEX went up 0.71% to 1,290.72, while the RTS 0.35% to 1,277.15.

Oil prices rose after a comment by the Director of the Atomic Energy Organization of Iran Fereydoon Abbasi that the U.N. had failed to present sufficient evidence to file cause to visit the country’s military site where the International Atomic Energy Agency suspects Iran of developing nuclear weapons.

“Resolving the conflict of the Iranian nuclear program would’ve been the only reason for oil prices to fall, and this reason has disappeared,” Investcafe analyst Alexei Pukhayev said.

Brent oil price went up 0.71% to $107.59 per barrel.

“The trading volume was expectedly lower today,” said Maxim Zotov, an investor relations head at Metropol financial company as U.S., German and French bourses were closed for Memorial Day.

In Europe, independent polls conducted in Greece showed support for the country’s New Democratic party, which stands in favor of approving the E.U.’s bailout plan for Athens, allying the fears associated with the country’s exit from the Eurozone.

“This news gave an upbeat mood to the markets back,” Investcafe analyst Yekaterina Kondrashova said, adding that a promise put forward by Italian Prime Minister Mario Monti to create united euro zone bonds also supported the market.

The release of U.S. GAAP report for January–March by Lukoil was in focus among local news.

“According to our analysts’ opinion, Lukoil made a solid report. Earnings before interest, taxes, depreciation, and amortization were 9% higher than the consensus’ forecast,” Zotov said.

MSCI Russia weighing a readjustment for several companies was another key point.

“MTS’s weight in MSCI Russia grew to 7.3% from 3.3%, which means that the company’s shares may benefit from an additional money inflow of up to $0.5 billion. The news is particularly good for global depositary receipts (GDR) owners, GDR’s price will soar on this information,” Zotov said.

He said that Novatek’s weight fell to 4.5% from more than 9% and its shares underperformed the market.

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