European shares edge higher on boost from oil stocks

Credit: REUTERS/STAFF

European shares inched higher on Monday, helped by gains in energy stocks as oil prices resumed their surge, while continued fighting in Ukraine kept broader risk sentiment in check.

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March 21 (Reuters) - European shares inched higher on Monday, helped by gains in energy stocks as oil prices resumed their surge, while continued fighting in Ukraine kept broader risk sentiment in check.

The pan-European STOXX 600 .STOXX rose 0.1% after closing with its biggest weekly percentage gain since November 2020 on Friday.

Markets are closely tracking the war in Ukraine, with European Union governments mulling an oil embargo on Russia as they gather this week with U.S. President Joe Biden for a series of summits aimed at hardening their stance against Moscow.

The news also sparked a rally in oil prices. Brent crude LCOc1 futures rose more than $3 above $111 a barrel, lifting the European oil & gas sector .SXEP by 1.3%.

London's FTSE 100 .FTSE led gains among its continental peers, rising 0.4%.

Julius Baer BAER.S rose 0.7% after it said it had credit exposure to a low-single-digit number of clients subject to the recently introduced sanctions on the Russian market.

Credit Suisse CSGN.S edged 0.1% higher after it said Vice Chair Severin Schwan would not stand for re-election to its board of directors and that the board had nominated Christian Gellerstad as his successor.

(Reporting by Shreyashi Sanyal in Bengaluru; Editing by Subhranshu Sahu)

((Shreyashi.Sanyal@thomsonreuters.com; +1 646 223 8780; +91 961 144 3740; Twitter: https://twitter.com/s_shreyashi;))

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