By SARAH TURNER
June 29, 2007
European shares moved broadly higher on Thursday, buoyed by some strong performances in the oil and gas sector, ahead of a key Federal Reserve decision on U.S. interest rates.
The pan-European Dow Jones Stoxx 600 index increased 1.0% at 391.60, as oil and gas companies climbed 1.9% amid crude prices that climbed toward the $70-a-barrel mark.
Shares of oil giants BP, Royal Dutch Shell and Total were all trading nearly 2% higher.
Broker comment also lifted the sector as Morgan Stanley upgraded Royal Dutch Shell to equal-weight from underweight.
“The large caps now represent the cheapest access to energy in the world following four years of relentless de-rating, in our view. The upside is probably greatest at Shell, but the theory applies to Total and BP,” Morgan Stanley told clients.
Extracted from the article headlined “Shares End High Ahead of Fed Decision”
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