Most of the European markets ended Tuesday’s session in the positive zone, adding gains from the previous session. Gains recorded after geopolitical concerns eased and reports indicating that the damage caused by Hurricane Irma was less than what had been anticipated.
The pan-European Stoxx, Europe 600 index ended the session with an increase of 0.55 percent. The Euro 50 index of bluechip stocks went also higher by 0.50 percent.
U.K. inflation data for the month of august turned out much higher than expected, in fact, reaching highest level in over five years. A major increase was recorded in the clothing and energy sectors.
Crude oil prices rose as OPEC reported that there was a decline in production for the month of August. WTI went higher by 0.4% and was sold at $48.26. Brent prices climbed 0.72% closing at $54.23 per barrel.
The rise in prices took place even though the API reported an increase of 6.181 million barrels in the United States’ crude oil inventories.
U.S. gasoline inventories fell more steeply than what was expected. The inventories were down by 7.896 million barrels for the week. Analysts expected inventories would deplete by no more than 4.0 million barrels.