(RTTNews) - The European markets rose for the fifth day on Wednesday, as energy and mining stocks gained on firmer crude oil and metals prices.

Crude for July delivery rose $1.21 to $61.31 a barrel on the New York Mercantile Exchange, by the time the European markets closed, after a government report showed a drop in U.S. oil supplies for the second straight week. The contract jumped to $62.14 a barrel earlier in the session, the highest price for crude since November 11.

The FTSEurofirst 300 index of pan-European blue chips closed 0.43% higher at 875.85 points, while the narrower DJ Stoxx 50 index rose 0.47% to 2,142.77 points.

Around Europe, France’s CAC 40 index rose 0.87% to 3,303.37 and Germany’s DAX index surged up 1.60% to 5,038.94, while the U.K.’s FTSE 100 index fell 0.31% to 4,468.41.

Heavily weighted oil stocks rallied after crude oil prices rose. BO, Europe’s biggest oil company, added 0.7%, while Royal/Dutch Shell, the second biggest, surged up 1.7% and Total, the third biggest, gained 0.8%.

Similarly, mining stocks edged higher after metals prices gained. BHP Billiton, the world’s biggest miner, rose 0.9%, while Anglo American, the second biggest, surged up 1.5% and Rio Rinto, the third biggest, climbed 4.3%. Copper miner Antofagasta gained 2.4%.

Air France-KLM, Europe’s largest airline, jumped 11.4% after the company reported a narrower- than-estimated full-year loss and JPMorgan said the European airline industry is “particularly attractive.” Lufthansa, the region’s second largest airline, climbed 3.9% and British Airways, the third largest, surged up 1.9%.

German drugmaker Bayer climbed 6.4% after its Nexavar drug won Japanese regulatory approval for treating advanced liver cancer.

On the other hand, Vodafone, the world’s biggest mobile phone company, slipped 2.9% after Fitch ratings changed the outlook on the long-term issuer default rating to “negative” from “stable”.

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Posted in Categories: Eurozone, Japan, Releases, Stocks, UK, USA.

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