European stocks post gain, with an assist from oil

European stocks leapt Wednesday, guided by gains in the embattled commodities and banking sectors.

The Stoxx Europe 600 rose 2.6% to 328.77, for its highest close since early February.

Oil prices leapt after the meeting, with Brent crude up 7.3% at $ 34.54 a barrel, and West Texas Intermediate oil rising 6.3% to $ 30.87 a barrel.

Among oil producers, Tullow Oil rallied 10% and Lundin Petroleum popped up 5.1%. Oil services provider Seadrill Ltd jumped 7.7%.

Sticking with the resources sector, Glencore PLC shares surged 17% after the commodities trader and miner said it is refinancing an $ 8.45 billion loan facility. Glencore, which like its peers has been grappling with a slide in metals prices, will now have no refinancing commitments until May 2018, a person close to the matter said.

Gains in Europe were also coming from Crédit Agricole SA as shares charged up 14%. The stock’s best day since October 2011 came as the French lender said it would sell back the 25% stake it holds in the group’s regional lenders, a move aimed at easing concerns about its capital strength.

Source: Marketwatch

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