Europe ends mostly higher as oil recovers; banks, miners jump – CNBC

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The pan-European STOXX 600 finished slightly higher, up 0.7 percent provisionally, recovering from earlier losses. Major bourses finished mixed, however. The FTSE 100 remained under pressure, ending down some 0.1 percent, while France’s CAC 40 bounced back, closing 0.4 percent up. Germany’s DAX finished 0.6 percent up as strong performance from its autos stocks boosted sentiment.

Crude prices recovered in late Wednesday, despite concerns over a supply glut still brewing. On Wednesday, the Energy Information Administration (EIA) said crude inventories rose by 10.4 million barrels to a total of 518 million barrels. The EIA however did report that U.S. production had fallen in the last week, which generated hope among investors.

Brent crude edged slightly higher by the close, while U.S. crude was trading up around $34.63. Individual stocks however remained mixed, with Subsea 7 off some 5.6 percent, after it posted a net loss of $421 million in its fourth quarter for 2015.

Amec Foster led the sector, finishing close to 10 percent higher after the engineering firm said it had completed its refinancing of its main debt facilities.

In the U.S., Wall Street remained under pressure on Wednesday as oil prices and data kept investors on edge.

Europe ends mostly higher as oil recovers; banks, miners jump – CNBC