Russian stocks rallied the most among the world’s 25 biggest equity markets Wednesday after oil passed $75 per barrel, Morgan Stanley upgraded metal producers and JPMorgan Chase’s earnings buoyed confidence in banks.

Gazprom and Norilsk Nickel jumped more than 4 percent, and Sberbank gained 2.9 percent. The MICEX Index advanced for the second day this week, adding 3.2 percent to 1,362.86.

The MICEX has more than doubled this year on speculation that economic recovery will boost demand for energy and raw materials, lifting companies’ profits. Stocks climbed after JPMorgan, the second-largest U.S. bank by assets, reported third-quarter earnings that beat analysts’ estimates. “Good JPMorgan numbers … [showed] that global earnings will support the recent enthusiasm in stock rallies,” said Denis Gorvat, a trader with VTB Capital.

Stocks gained from Shanghai to London on better-than-estimated results from JPMorgan and Intel and a report showing China’s declining exports slowed. The MICEX, which fell Tuesday for the first time in seven days, rose to the highest in more than a year Wednesday.

“Crude in the neighborhood of $75 a barrel and strong global markets helped by recent solid earnings releases have helped us more than recover yesterday’s losses,” said Michael Teagarden, a sales trader with UBS in Moscow.