Economic news

Europe’s shares are lifted by oil stocks

Europe’s shares added a little yesterday as a result of oil stocks soaring to the highs unseen since September 2014, compensating for a fall in telecoms.

The STOXX 600 gained 0.1%, bouncing up from the lows of early trade caused by downbeat figures from China and Germany, which came on top of a barrage of other not-too-optimistic reports on the world economy.

Energy giants’ shares, including Royal Dutch Shell, Total and Eni, increased by 0.4-1.3% after oil prices spiked to their highest in several years driven by uncertainty over U.S. sanctions against Iran, which, if reinstated, might hamper crude exports from the Middle Eastern state.

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