European markets closed up on Thursday as oil prices continued their volatile day.
West Texas intermediate was recently up 3.69% at $43.25 and Brent crude had surged 3.72% at $45.69, paring earlier loses. Prices plunged more than 1% this morning after the International Energy Agency said it had revised down its expectations for demand in 2017. The IEA today said it expects demand to fall to 1.2 million barrels a day next year from 1.4 million barrels a day in 2016.
In London, the FTSE 100 closed 0.7% up at 6,914.71.
U.K. house prices continued to fall in July and are expected to fall further in the coming months. The Royal Institution of Chartered Surveyors' residential market survey for July showed a slowing in house price inflation and found that new buyer inquiries and new sales were down.
This was the first full-month survey since the U.K. voted to leave the European Union.
The survey found that 5% more surveyors think there will be an increase in prices rather than a fall, which is down from 15% last month. In the near term house price expectations remained in negative territory for the third month.
House builder Berkeley Group dropped 3.75% today. Its peers Taylor Wimpey lost 0.72%.
Europe's largest travel operator, TUI (TUIVY) saw shares rise 2.87% today after it recorded a spike in earnings in its third quarter, despite a slowdown in bookings for North Africa and Turkey.
A series of terrorist attacks in popular holiday spots such as the February attack in Tunisia and last month's attack in Nice, France, has significantly impacted travel companies and, said TUI, led to declining "market sentiment."
However, TUI said that excluding the impact of the timing of Easter and currency, earnings grew by 14.1% to €203.3 million ($226.83 million) compared with €178.1 million.
In Frankfurt, the Dax gained 0.86% to close at 10,742.84 and the Cac 40 was up 1.17% at 4,503.95 in Paris.
German utility RWE (RWEOY) was up 4.05% after reporting unexpected second-quarter losses in its trading division, which it said will push that unit's 2016 earnings down significantly. It maintained its group profit forecast for 2016, however, and Jefferies analysts said its underlying first-half profit was strong, despite missing consensus profit expectations.
Also in Frankfurt steelmaker ThyssenKrupp (TYEKF) gained 0.97% as its reported a 34% decline in third-quarter net profit, and fertilizers maker K + S fell 5.62% in Frankfurt as it warned on 2016 earnings.
But Dial, Schwarzkopf and Persil maker Henkel closed 5.04% up after it lifted its full-year profit margin guidance after exceeding first-half profit expectations.