Europe open: Shares edge ahead as crude drops on US reserve release plan
European shares crept ahead at the open on Thursday as airlines gained and oil producers fell on reports the US was set to release strategic crude reserves.
The pan-European Stoxx 600 index rose 0.2%. The UK’s energy-heavy FTSE 100 index was up 0.1%, after official data showed Britain's economy grew more quickly than previously thought in the fourth quarter.
Oil prices fell as traders waited for an expected big release of reserves by President Joe Biden designed to stem inflation in the US economy.
Biden is close to announcing the third - and possibly biggest - release of emergency oil stocks since November, according to reports. The release is expected to last several months and comprise up to 1m barrels of oil per day, the Financial Times said.
Shares in East European budget airline Wizz Air gained on the news, along with rival Ryanair.
Sir Martin Sorrell-owned S4 Capital rebounded 6% from Wednesday’s share price plunge after auditor PwC said it was unable to complete “the work necessary” to sign off on full year results that were due out yesterday.
Sweden's H&M slumped 8% after reporting a smaller-than-expected profit for its first quarter.