French Stocks Rise On Oil Price Drop, Middle East Concerns Persist
(RTTNews) - French stocks recovered from recent losses and gained some ground in positive territory on Friday as oil prices fell sharply after the International Energy Agency (IEA) lowered its global oil demand forecast for the year. However, persisting worries about Middle East tensions limited market's upside.
The IEA now expects world oil demand to drop by 2.5 million barrels per day this year, compared to its previous forecast of a 1.6 million bpd decline. The agency expects oil supply to decline by 5.7 million bpd this year.
Brent crude futures slid to $103.85 a barrel and were down by about 3.5% at $104.00 a barrel a little while ago.
The benchmark CAC 40 was up 50.51 points or 0.63% at 8,167.27 nearly an hour past noon.
Safran moved up 2.3% and Kering climbed nearly 2%. Airbus, Renault, STMicroelectronics, LVMH, L'Oreal, AXA and Vinci gained 1%-1.6%.
Thales, Accor, Eurofins Scientific, Stellantis, Societe Generale, Credit Agricole, Hermes International, BNP Paribas and EssilorLuxottica advanced 0.5%-0.9%.
Dassault Systemes fell more than 2%. Engie, ArcelorMittal, Bureau Veritas, Euronext and TotalEnergies also drifted lower.
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