European shares set for first weekly rise of 2016, buoyed by oil
* FTSEurofirst 300 sharply up, still down 7 pct this month
* Energy, miners lead gains on strong commodity prices
* Tod's rises after strong sales (Adds quote, detail, recasts)
By Alistair Smout and Danilo Masoni
LONDON/MILAN, Jan 22 (Reuters) - European equities rallied sharply on Friday and were set for thir first weekly rise this year, with higher commodity shares helping to add to gains from the previous session after stimulus hints from the ECB.
The pan-European FTSEurofirst 300 was up 3 percent at 1,332.67 points by 1216 GMT, up 2.8 percent for the week, the first weekly rise of 2016 and the biggest gain on a weekly basis since November.
The index extended a rally from the previous session, when it gained 2.1 percent after European Central Bank head Mario Draghi said financial markets turmoil and concerns over China would prompt a review in March of the bank's monetary policy.
On Friday, the oil sector led gainers, up 5.4 percent, after a rally brought crude prices back above the key $30 mark, as cold weather as well as firmer financial markets gave traders reason to cash in on record short positions.
Oil was still set for its biggest January fall in 25 years, which has seen the sector hit its lowest level since 2003 this week. Continuación...