Oil rally limits losses for European shares
2022.04.05 10:33
FILE PHOTO: The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, April 4, 2022. REUTERS/Staff
(Reuters) – European shares were trading flat on Tuesday, as a rally in oil prices on the prospect of more sanctions against crude exporter Russia lifted energy stocks and helped offset losses in banks and industrial stocks.
The pan-European STOXX 600 index was up 0.1% at 0710 GMT, after two days of gains.
The European Union will most likely adopt a new round of sanctions against Russia, France’s European Affairs Minister Clement Beaune said, while the United States was also planning new sanctions this week to punish Moscow over civilian killings in Ukraine.
Europe’s oil and gas sector rose 0.7% with BP (NYSE:BP) Plc, Shell (LON:RDSa) PLc and TotalEnergies adding between 0.6% and 0.7%.
Healthcare stocks also gained.
