European shares recover as crude oil prices bounce back

martes 26 de enero de 2016 08:39 GYT

* FTSEurofirst 300 index flat in percentage terms

* Oil stocks recover after crude rises above $30

* Philips and Siemens up as results beat forecasts (Adds quotes, details)

By Danilo Masoni

MILAN, Jan 26 (Reuters) - European shares steadied by midday on Tuesday, recovering after sharp losses earlier in the session, as crude oil prices bounced back above $30 on hopes of deal to tackle a global supply glut.

The STOXX Europe 600 Oil and Gas index was up more than 1 percent after falling earlier, after oil prices rose on expectations that OPEC and non-OPEC producers may be edging closer to a deal.

The Organization of the Petroleum Exporting Countries is making renewed calls for rival producers to cut supply alongside its members.

"Indices once again tracking the moves in oil. It's been another volatile session for oil, with both WTI and Brent crude trading back below $30 earlier only to recover to trade higher," OANDA analyst Craig Erlam said.

"Despite the rally towards the back end of last week, there is clearly still a desire to push prices back to their lows and it will be interesting to see how successful they are today."   Continuación...