European stocks higher, but oil issues decline as prices drop

European stocks rose Monday, finding support on the prospect that a bond-buying scheme by the European Central Bank is taking firmer shape.

The Stoxx Europe 600 SXXP, +0.96% rose 0.7% to 340.25 as consumer, health and telecom shares gained ground. The pan-European index on Friday dropped 1.3% as a decline in wage growth in the U.S. stoked worries about global deflationary pressures.

On the country indexes, Germany’s DAX 30 DAX, +1.47% rose 0.6% to 9,709.29 and France’s CAC 40 PX1, +1.59% picked up 0.3% to 4,191.84. The U.K.’s FTSE 100 UKX, +0.44% was up 0.1%, paring a gain as energy stocks fell. Oil major BP PLC BP., -0.01% BP, -0.41% shed 0.4% and Royal Dutch Shell PLC RDSB, -0.95% RDS.B, -1.33% fell 0.7%.

Crude-oil prices extended their recent selloff as Goldman Sachs made steep cuts to its projections for oil prices. Brent North Sea crude oil for February LCOG5, -2.57% fell nearly 3% to below $49 a barrel, and West Texas Intermediate crude oil for February delivery CLG5, -2.23% lost more than 2% to trade below $48 a barrel.

 Varchev Traders

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