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European ADRs Edge Higher as Oil and Gas Stocks Gain Traction

American depository receipts of European stocks were trading 0.3% higher at 125.27 on the Bank of New York Mellon Europe ADR Index on Tuesday morning.

A rebound in the price of oil helped petroleum producers extend gains after experiencing a choppy trading session on Monday when Brent futures plummeted to 11-year lows before recovering in the afternoon and crude oil futures fell sharply, before closing 3.0% higher.

Gainers in Continental Europe were led by Luxembourg steelmaker ArcelorMittal ( MT ), 5.2% higher, followed by oil and gas exploration company Statoil ( STO ), up by 1.6% and VimpelCom - Com ( VIP ), a Dutch provider of telecommunications services, trading 1.5% higher.

In the UK, A and B Shares of oil and gas production company Royal Dutch Shell (RDS.A and RDS.B) rose by 2.5% and 2.4%, respectively, while Amec Foster Wheeler ( AMFW ), a global engineering conglomerate, was 8.0% higher.

Decliners in Continental Europe were led by Nabriva Therapeutics ( NBRV ), an Austria-based clinical-stage biopharmaceutical company, down by 1.9%, followed by Biotie (BITI), a Finnish drug development company, 1.2% lower and Novo Nordisk (NVO), a Danish healthcare company, trading 0.7% lower.

And, in the UK, National Grid (NGG), an electricity and gas utility company, edged 1.0% lower, followed by Diageo (DEO), an alcoholic beverages company, down by 0.5% and WPP (WPP), a provider of advertising and marketing services, also 0.5% lower.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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