Europe: Stocks up for 8th session as oil surge boosts energy stocks

[BENGALURU] Energy stocks boosted by a steady surge in oil prices, and a higher open on Wall Street helped European shares erase session losses and close higher on Tuesday, but a sell-off in banks and auto stocks kept gains in check.

Italy's MIB slipped nearly 0.3 per cent, while Spain's IBEX lost 0.6 per cent as banks weighed ahead of earnings.The oil and gas sector hit a six-month high, up 2 per cent, with Royal Dutch Shell, British Petroleum and Total, up between 1.8 per cent and 2.6 per cent.Oil prices hit their highest since November after Washington announced all Iran sanction waivers would end by May, pressuring importers to stop buying from Tehran.

Plane maker Airbus' shares hit an all-time high with a management shake-up spreading to its space unit. Rival Boeing is set to report results on Wednesday, while other auto manufacturers such as United Technologies and Lockheed Martin reported solid profits. Umicore's slide weighed heavily on Belgium's blue chip Bel 20 Index, pulling it 1.2 per cent lower to post its biggest one-day drop in a month.The banking index broke a six-day winning run with major European banks as UBS, Credit Suisse and Barclays slated to report earnings late this week following last week's mixed bag of results from big Wall Street banks.

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