European stocks up driven by oil recovery, mining shares

European stocks rose today, Tuesday, supported by the recovery of stocks in the commodity sector, after falling in the previous session, as investors searched for mixed signals from policy makers at the European Central Bank regarding their stance on interest rates.

According to “Reuters”, the European Stoxx 600 index rose 0.2 percent, approaching its highest level in more than two months.

Oil and gas stocks jumped more than three percent, heading to compensate for all the losses incurred on Monday, at a time when crude oil prices rose after the Saudi Energy Minister denied a report indicating that the OPEC + group was considering increasing production.

Mining stocks rose 1.4 percent, after declining 1.6 percent in Monday’s trading, due to fears of an increase in COVID-19 infections in China.

Meanwhile, the Financial Times reported that ECB Governing Council member Robert Holzmann endorsed raising deposit rates by 75 basis points for the third time in a row at the next rate-setting meeting in December.