ROME: European markets closed sharply higher on Wednesday, as investor sentiment was boosted by earnings and a sharp rebound in oil prices.
The pan-European STOXX 600 finished up over 1 percent provisionally, with all major European indices posting strong gains at the close.
Investors kept a close eye on the U.S. Federal Reserve, as its two-day policy meeting was nearing an end, but were also buoyed a rally in the oil price. The commodity turned sharply higher on Wednesday afternoon after Mexico’s state oil company Pemex said it had received a license from the U.S. to import U.S. crude to be refined at Mexican refineries.
U.S. crude rallied almost 6 percent by Europe’s close, up at $45.72, while Brent was up $2.16 at $48.98 a barrel. Oil stocks jumped on the back of this, with Tullow Oil finishing up 6.8 percent, with Seadrill and Subsea 7 both closing sharply above 5.5 percent.
