European stocks turned positive Monday as heavyweight energy companies helped boost index prices amid a firm rise in global oil prices
The broadest measure of European bluechip equities, the Stoxx 50 index, gained 0.4% by mid-morning and was quoted at 3,033 points by 10:40 GMT. Britain's FTSE 100 index added 0.4% while benchmarks in France and Germany saw similar percentage gains. Italy's FTSE MIB, however, fell around 0.75% amid concerns that the country's senate reform referendum may fail.
Energy stocks were the biggest gainers in London, with Glencore (GLNCY) up 2.8% and BP (BP) and Shell (RDS.A) advancing around 2%. France's Total SA gained 1.17% in Paris while Transocean Ltd (RIG) topped the board in Zurich with a 1.4% rise.
Global oil prices continued to rise in European trading amid speculation that OPEC members are getting closer to agreeing their first collective production freeze sine 2008 in order to stabilise falling prices following optimistic comments from Russia's President Vladimir Putin during a visit to the world leaders' summit in Lima, Peru.
Nymex light sweet crude prices for January delivery added 1.9% to trade at around $47.18 per barrel while Brent crude, generally considered to be the global benchmark, added a similar percentage gain to trade at $48.84
A notable downside mover in Europe were shares of Novartis AG (NVS) , which fell 1.22% to around Sfr70.63 in Zurich after the Swiss-based drugmaker said it will pay up to $665 million for Oklahoma City-based Selexys Inc., a maker of treatments for patients suffering from sickle cell disorders.