U.S. investors added the most money in six months to an exchange-traded fund tracking Russian stocks as a rebound in oil prices boosted the profit outlook for the energy companies it holds.

The Market Vectors Russia ETF posted a $45.3 million net inflow as of Tuesday, data compiled by Bloomberg show. The increase came as Brent crude rallied 8.9 percent over three days. Companies including oilfield services provider Eurasia Drilling Co., natural-gas exporter Gazprom PJSC, oil producer Lukoil PJSC and others involved in the energy industry account for 46 percent of the fund’s assets.

Oil, Russia’s biggest export and a major source of government budget revenue, has rebounded from a six-year low in August amid speculation that declining U.S. output would finally ease a global supply glut that has suppressed prices. Brent crude prices fluctuated Wednesday after data showed U.S. inventories increased and production climbed. Shares in the Market Vectors Russia ETF jumped 0.8 percent to $16.57 at 12:37 p.m. in New York, the highest closing level in three weeks.

“Traders piled in as they just couldn’t ignore a move in Brent that sent the market higher,” Anastasia Levashova, a money manager who helps oversee $450 million in emerging-market equities at Blackfriars Asset Management Ltd. in London, said by phone on Wednesday. “The rebound in oil immediately spills over into a rebound in the Russian market, albeit probably a short- lived one.”

ADRs Rally

The Bloomberg Russia-US Equity Index rose 1.1 percent to 49.63, a two-week high. State-controlled Sberbank PJSC was the best performer, increasing 4.1 percent to $5.30. The lender posted a 32.4 billion ruble ($519 million) profit for September, according to a statement of results to Russian accounting standards.

Lukoil led gains among U.S.-traded Russian oil producers, rising 3.6 percent to $36.21. The American depositary receipts have jumped 11 percent in three days. Gazprom rallied 2.5 percent to $4.43, pushing its three-day advance to 12 percent.

Futures contracts on the dollar-denominated RTS Index expiring in December increased 0.6 percent to 84,020 in U.S. hours.