Europe open: Stocks rise as oil prices increase

European stocks advanced as oil prices gained and investors awaited a report that is expected to show Eurozone consumer confidence rose in December.

The consumer sentiment index for the euro-area is forecast to increase to -11 this month from -11.6 in November.

The report follows upbeat data out of Germany last week and comes amid speculation that the European Central Bank will introduce full-blown quantitative easing in January.

In the US, a report in afternoon trading may show existing home sales fell 1.1% in December following a 1.5% increase in November.

The Federal Reserve, which has been monitoring economic data in its policy decisions, last week decided to maintain interest rates, saying that it would practice patience on any changes.

The central bank signalled that borrowing costs could be raised as early as April. Data on Tuesday is projected to show US economic growth was faster than initially estimated in the third quarter.

In another boost to the market, oil prices recovered after Saudi oil minister Ali Al-Naimi said at a conference in Abu Dhabi at the weekend that the sector will recover and fossil fuel will remain the main source of energy for decades to come.

Mohammed Al Sada, Qatar’s energy minister, urged producers outside of OPEC to cut their output on the sidelines of the conference. The Organization of Petroleum Exporting Countries last month held back on slashing its production target of 30 million barrels a day.

Brent crude increased 1.4% to $62.30 per barrel, according to the ICE.

The rouble advanced on the pick-up in oil prices following last week’s plunge.

Company-wise, Daimler AG rallied after its chief financial officer said to Boersen-Zeitung that the German carmaker may raise its 2014 dividend.

Delta Lloyd NV declined after saying the Dutch central bank ordered it to dismiss its chief financial officer by 2016.

The euro rose 0.28% to $1.2263.