By Brad Cook and Jason Corcoran

Russian stocks advanced the most in a month, leading the increase in equity indexes worldwide, as a second-day gain in oil boosted the outlook for earnings from the country’s biggest export.

The ruble-based Micex Index of 30 stocks rose 3.2 percent to 1374.23 at 4:26 p.m. in Moscow, heading for the largest advance since Nov. 16. The dollar-measured RTS Index of 50 shares increased 2.6 percent to 1,431.99.

OAO Gazprom, Russia’s gas-export monopoly, increased 4.5 percent to 179.71 rubles after the Economy Ministry raised its forecast for gas output and exports over the next three years. OAO Rosneft, the country’s biggest oil company, rose 4.8 percent to 257.42 rubles. Both companies are state-controlled.

Crude rose for a second day before a report forecast to show that U.S. crude inventories declined last week. Crude for January delivery gained as much as 90 cents, or 1.3 percent, to $71.59 a barrel in electronic trading on the New York Mercantile Exchange, extending yesterday’s 1.7 percent gain.

“With the oil price pushing higher, the market has a significant growth potential,” Mark Rubinstein, deputy head of research at Moscow-based brokerage IFC Metropol, said in a telephone interview today. “During 11 days of oil price declines the Russian market fell only 1 percent to 2 percent, demonstrating strong resilience to the oil price trends and the beginning of more of a reliance on fundamentals.”

Economy Improves

Rubinstein cited improving economic data from Finance Minister Alexei Kudrin that shows Russia’s gross domestic product rose 8 percent in November from the previous month and may show 2 percent growth for the fourth quarter.

Demand for oil is rising as emerging markets in Asia lead the global economy out of its deepest recession since the 1930s. China, South Korea, Taiwan, Hong Kong and 10 Southeast Asia economies may expand 6.8 percent in 2010 compared with 4.2 percent in 2009, according to the Asian Development Bank.

The MSCI Asia Pacific Index added 0.3 percent to 119.17 at 10:23 p.m. in Tokyo, led by Japanese financial institutions after a report said they will have as long as 10 years to shore up their capital.

“The better oil price and small Asian market gains are positive drivers” for Russian equities, said Chris Weafer, UralSib Financial Corp., in a report before the market opened in Moscow today. “Sberbank and Gazprom, the traditional Russia proxies, are the two main beneficiaries of oil back above the $70-per-barrel price.”

Russia’s biggest bank, OAO Sberbank, added 4.3 percent to 80.49 rubles, an 18-month high. That values Russia’s biggest lender at about $57 billion.