Europe ekes out gains as banks, miners jump; oil eyed – CNBC

11 months ago Comments Off on Europe ekes out gains as banks, miners jump; oil eyed – CNBC

Markets in Asia closed higher on Wednesday, with Japan’s Nikkei 225 index finishing over 4 percent up and China’s markets posted strong gains. Despite closing in the green on Tuesday, Wall Street opened in the red on Wednesday as oil prices and economic data put investors on edge.

Crude prices dipped further into the red on Wednesday, after an industry report revealed U.S. stockpiles had increased, adding to concerns over a supply glut. On Tuesday, the American Petroleum Institute said U.S. crude inventories had risen by 9.9 million barrels in the last week, above analyst forecasts.

Brent crude edged slightly into the red, trading around $36.70 a barrel, while U.S. crude was trading just above $34. Individual stocks however remained mixed, with Subsea 7 off some 6 percent, after it posted a net loss of $421 million in its fourth quarter for 2015.

Amec Foster led the sector, up some 7 percent after the engineering firm said it had completed its refinancing of its main debt facilities.

Europe ekes out gains as banks, miners jump; oil eyed – CNBC