The US economy released at 12:30 GMT its reading for the Building Permits, at 1.30 million in April, better than expectations of a rise by 1.29 million, better than the previous revised reading of 1.29 million from 1.27 million.

Global oil prices rallied on Thursday to continue gains for a third consecutive day, on fears that geopolitical tensions in the Gulf region could disrupt oil supplies, as prices also drew support from the drop in US oil production for a second week in a row, covering up crude inventories rise to the highest level since September 2017.

As of 09:30 GMT, US crude rose to $62.60 a barrel from the opening level of $62.07, with a high of $62.66 and a low of $62.06.

Brent crude rose to $72.33 a barrel from the opening level of $72.02, with a high of $72.42 and a low of $71.89.

US crude closed higher by 1.3% on Wednesday, and Brent crude rose 1.4%, their second consecutive daily gain.

Helicopters moved US personnel from the US embassy in Baghdad on Wednesday in a precautionary measure triggered by fears about perceived threats from Iran.

The US action comes after the recent terrorist attacks on vital oil platforms in Saudi Arabia and the sabotage of two Saudi oil tankers off the coast of the United Arab Emirates.

All the signs behind these attacks lead to the Houthi group in Yemen, which is supported by Iran. and on the other hand, according to US intelligence Shiite groups backed by Iran is deploying missiles near the US military bases in Iraq.

The US Energy Admiration announced yesterday that oil production in the country fell by about 100 thousand barrels in the week ending May 10, the second consecutive weekly decline, bringing the total to 12.1 million barrels per day.

While the commercial oil inventories increased by 5.8 million barrels per day last week, which is the third weekly increase in a month, contrary to experts' expectations of a 0.8 million barrel drop.

According to the data, total US commercial inventories rose to 472.4 million barrels, the highest level of US stockpiles since September 2017, in a negative sign of demand levels in the world's largest oil consumer.

European shares rose on Thursday, extending gains for a third consecutive session, as investors morality improved over a possible resolution of the trade disputes between the European Union and the United States, especially after the US announcement of a plan to postpone tariffs on European cars for up to six months.

As of 10:57 GMT, Stoxx Europe 600 rose by 0.5%, as the index ended yesterday's session up by 0.5%, the second daily gain in a row, to recover from the lowest level in two months, after the automotive industry strong rise.

The Index rose on Thursday morning to continue its third consecutive day of gains, with most of the major markets and sectors in the Green Zone.

The auto industry is leading the list of gainers in Europe after the announcement of a US plan to postpone the tariffs on cars imported from Europe, which is expected to issue the official decision on Saturday.

CNBC said on Wednesday, that the United States plans to postpone the new tariffs on cars and parts imported from Europe for up to six months to give trade negotiators more time to resolve differences between the United States and the European Union.

S&P 500 futures rose by 0.5%, and the index ended yesterday's session on Wall Street up by 0.6%, its second daily gain in a row.

Euro Stoxx 50 index rose 0.5%. as in France, the CAC 40 index gained 0.4%. with Germany's DAX rising by 0.75% to top the gainers' list in Europe. while In London, FTSE 100 added 0.3%.

Bitcoin fell by more than 2.5% on spot trading today, heading for the first loss in four days due to profit taking activity after prices earlier in the session hit a 10-month high, as it also heads to give up the $8,000 barrier.

As of 08:55 GMT, Bitcoin is trading around $7,995, down by $209, or 2.55%, from the opening price of $8,204, with the highest since July 25 2018 at $8,390, and the lowest $7,850.

Bitcoin posted gains by 2.7% on Wednesday, the third daily gains in a row, as strong investment demand for the leading cryptocurrency in the market continued.

The total value of cryptocurrencies in the market fell by $2 billion to a total of $250 billion on Thursday, as it earlier recorded $264 billion, the highest level since August 2018.

The dominance of Bitcoin over the crypto trading on Tuesday jumped to 60.1%, the highest level since October 2017, to 56% on Thursday, signaling a slowdown in demand for the world's largest cryptocurrency in favor of other currencies, especially Ethereum which is reaching broad gains currently.

Bitcoin futures at the CME exchange rose to a new record high of 33,700 contracts on May 13, far higher than the previous record of 22,500 held on April 4.

The recent boom in prices supported a number of rumors, one of which was that eBay may start accepting cryptocurrency, but the company quickly denied the news.

On the other hand, some cryptographic experts expect, after the recent bullish move, to see current oversold levels that will lead to price deflation for some weeks.

At the same time, the world's largest cryptocurrency, Bitcoin, needs more positive momentum to maintain trading above the psychological barrier of $8,000.