European stocks rise on strong energy gains

European stocks rose on Thursday, to resume rallying after hitting a pause yesterday, and head for the third daily gain in 4 days, lifted by strong gains in the energy sector. 

The Stoxx Europe 600 index rose 0.5% as of 11:10 GMT, after it closed lower by 2.9% yesterday, its first straight daily loss in 3 days, on sell-off following the US warning of high numbers of deaths from the coronavirus pandemic.

The index has lost over 23% or about $3 trillion of its market value during the first quarter of this year, to post its largest quarterly loss in 18 years, on the coronavirus impact.

The index opened today's session higher, to head for its third daily gain in 4 days, with most European markets and sectors seeing green today.

The energy sector saw the largest اgains in Europe today, as its stocks rose more than 5%, as oil prices jumped 10% following the US intervention to end the price war between Saudi Arabia and Russia.

The number of coronavirus infections in the US surpassed the 200,000 barrier, and the death toll rose to 4,500, and US President Donald Trump estimated that the US will suffer from higher deaths from the Covid-19 disease in the next two weeks.

S&P 500 futures rose 1.5%, after the index closed lower by 4.4% yesterday at Wall Street, its second straight daily loss.

Back to Europe, the Euro Stoxx 50 index rose 0.5%, France's CAC 40 climbed 0.8%, the German DAX rose 0.25%, and the UK's FTSE 100 added 0.5%.