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European Markets Close Higher as Oil Prices Surge


Thursday, 2 April 2020 23:30 WIB

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European stocks closed slightly higher Thursday, after fluctuating for much of the session, as investors reacted to a record number of U.S. jobless claims and movements in the energy markets.

The pan-European Stoxx 600 closed up by 0.2% at 312.08 , with oil and gas stocks jumping over 5%. The sector was boosted by news that Saudi Arabia and Russia could soon ease pressure on oil, ending a price war that has contributed to crude's massive plunge.

The energy sector was the standout performer. Aker BP, TGS-Nopec, and Lundin all gained more than 9% by the close. British energy company John Wood Group gained around 15%.

Earlier in the session, the U.S. Labor Department reported more than 6 million people had filed for unemployment benefits in the week of March 27, marking a record high. But stocks on Wall Street were higher as European markets closed on Thursday afternoon.

Source : CNBC


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