LONDON (ShareCast) - Bourses ended the session in the blue, although much of their early advantage disappeared during the afternoon as Wall Street struggled.
Oil prices at a new seven-month-high had energy giants Total, Royal Dutch
Shell (Amsterdam: RDSA.AS - news) and Eni (Milan: ENI.MI - news) sharply higher. US crude futures rallied past $71 a barrel.
Banks also went well after the US Treasury Department approved ten US banks to start repaying bailout money yesterday. On this side of the pond, Deutsche Bank (Xetra: 514000 - news) and France's Societe Generale (Paris: FR0000130809 - news) and Credit Agricole (Paris: FR0000045072 - news) improved.
Across the markets, the German DAX added 53 to 5,051, but had been up more than 130 points early afternoon. Paris rose 18 to 3,315, while Zurich also ended up 47 at 5,436.
Elsewhere, Spain's Inditex (Madrid: ITX.MC - news) rose despite reporting a 15% drop in net profits for the three months to 30 April. The Zara fashion chain parent saw net profits fall to €184m while sales rose 5.4% to €2.3bn.
The US Supreme Court has cleared the way for the sale of assets by bankrupt car maker Chrysler (Xetra: 710000 - news) to a group led by Italian car giant Fiat (Milan: F.MI - news) .
In a stock-exchange statement, Fiat said it expects the transaction to close "shortly."
The sale had been put on hold after opponents of the deal, most notably three Indiana pension funds that own Chrysler secured loans, wanted the asset sale investigated more thoroughly by the Supreme Court.
French carmakers Peugeot (Paris: FR0000121501 - news) and Renault (Paris: FR0000131906 - news) motored higher.
CAC 40 (Paris: news) - Risers
ST Microelectronics (Paris: NL0000226223 - news) (STM) € 5.87 +6.05%
Vallourec (VK) € 99.49 +3.65%
ArcelorMittal SA (MT) € 24.86 +3.43%
Alcatel (Paris: FR0000130007 - news) -Lucent (ALU) € 2.03 +3.20%
Dexia (DEXB) € 5.83 +2.95%
Peugeot (UG) € 22.34 +2.74%
Credit Agricole (ACA) € 11.07 +2.55%
Renault (RNO) € 29.61 +2.30%
Michelin (Paris: FR0000121261 - news) (ML) € 44.38 +2.00%
Societe Generale (GLE) € 42.68 +1.96%
CAC 40 - Fallers
Saint Gobain (Paris: FR0000125007 - news) (SGO) € 26.17 -2.89%
EADS (Paris: NL0000235190 - news) (EAD) € 11.18 -2.10%
Veolia Environnement (Paris: FR0000124141 - news) (VIE) € 21.82 -1.80%
Danone (Paris: FR0000120644 - news) (BN) € 34.10 -1.33%
Suez Environnement Company (SEV) € 12.75 -1.01%
Sanofi (Paris: FR0000120578 - news) -Aventis (SAN) € 45.86 -0.78%
France Telecom (Paris: FR0000133308 - news) (FTE) € 16.03 -0.68%
Carrefour (CA) € 30.88 -0.37%
Bouygues (EN) € 26.44 -0.25%
Vivendi (Paris: FR0000127771 - news) (VIV) € 17.65 -0.11%
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