Energy sector gains lead European stocks higher

European stocks opened higher on Friday, with energy company stocks advancing thanks to the rise in crude oil prices, but markets are focusing on data related to inflation in the United States, which may be of great importance in determining the course of global monetary policy.

By 07:10 GMT, the European STOXX 600 index rose 0.4%, after closing lower in the past three sessions, according to Reuters.

Shares of energy companies rose 1%, tracking the impact of the rise in oil, and the banking sector advanced 0.8% in early trading.

Data on personal consumption expenditures in the United States, the preferred inflation measurement tool of the Federal Reserve Board (the US central bank), is scheduled to be released at 1230 GMT, and the data may play a major role in determining the path of US interest rates.