European stocks higher supported by energy sector gains

European stocks rose slightly on Thursday, supported by gains in energy company stocks, with an increase in oil prices, while investors awaited inflation data from Germany, the largest economy in the euro zone.

According to Reuters, the European STOXX 600 index increased 0.1% by 0705 GMT after 5 consecutive sessions of losses, and the German DAX index rose 0.2%.

Shares of energy companies rose 0.9% as crude oil prices recorded a jump, reaching their highest level in more than a year, with US crude inventories falling, exacerbating concerns about scarcity of supplies due to production cuts from OPEC+. But Ryanair shares fell 1.2% after the European airline announced it would reduce the number of its flights during the winter due to a delay in delivering an order from Boeing (NYSE: BA), but it added that its expectations for travel demand for the entire year had not yet been affected.

On Wednesday, the Italian government lowered its economic growth expectations for this year and next and raised the budget deficit target. Shares in Italy increased 0.2%.