Europe seen higher as oil prices jump – CNBC

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European stocks opened slightly higher on Thursday, taking cues from a rally in oil prices but as investors remain cautious ahead of U.S. jobs numbers on Friday.

The pan-European STOXX 600 was up 0.17 percent at the open.

European markets are being buoyed by a rebound in oil markets on Thursday. Oil prices jumped by more than one percent in early trading on Thursday as a huge wildfire in Canada disrupted its oil sands production, while escalating fighting in Libya threatened the North African nation’s output, Reuters reported.

International benchmark Brent crude futures were trading at $45.43 per barrel at 0800 a.m. London time, up 1.95 percent from their last close.

In Asia, meanwhile, markets were lower on Thursday in the wake of a reading on China’s economy which showed growth in the services sector moderated last month.

China Caixin services purchasing mangers’ index (PMI) came in at 51.8 for April, continuing to show expansion, but marking a moderation from 52.2 in March. A reading above 50 indicates activity is growing, while one below that level suggests a contraction.

Following the data, mainland Chinese markets were lower to flat, with the Shanghai composite down 0.27 percent and Shenzhen composite effectively unchanged. In Hong Kong, the Hang Seng index shed 0.35 percent.

Europe seen higher as oil prices jump – CNBC