- NEWS Desk Global
EUROPE'S MAIN ENERGY STOCKS INDEX HITS HIGHEST SINCE 2008
On Friday, the primary European energy stocks index reached its highest level since 2008, driven by elevated oil prices, geopolitical tensions, and global economic uncertainties that attracted investors. The STOXX Europe 600 Oil & Gas index surged by approximately 2.7%, with notable increases seen in BP, Repsol, Shell, Aker BP, and Equinor, among others.
Andreas Bruckner, European equity strategist at BofA Global Research, noted, "It's still all about the rise in oil prices," underscoring the significant influence of oil price movements on the market sentiment. Oil prices experienced a 2% increase on Friday due to escalating tensions in the Middle East, heightening concerns about potential disruptions to the oil supply from the region. Energy emerged as the second-best performing sector in the pan-European STOXX 600 index for the day. Year-to-date, it has surged by 10%, outpacing the main index's gains of around 5.6% over the same period.