German Stocks Move Modestly Higher As Oil Prices Fall Sharply
(RTTNews) - German stocks moved higher on Friday, recovering from losses posted in the previous two sessions, as oil prices fell sharply following the International Energy Agency (IEA) revising downward its world oil demand forecast for the year.
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 3.3% at $104.10 a barrel a little while ago.
The benchmark DAX was up 137.23 points or 0.54% at 25,538.45 a few minutes past noon.
Siemens Energy climbed 2.3%. Siemens, Munich RE, Hannover Re, Fresenius, Fresenius Medical Care, Scout24, Infineon Technologies, Daimler Truck Holding, Commerzbank, Deutsche Telekom, Vonovia, MTU Aero Engines and Allianz gained 1%-1.8%.
Fraport moved up nearly 2%. The transport company said that around 6.3 million passengers flew via Frankfurt Airport in August, 0.3 percent lower than same month last year.
BASF dropped nearly 3%. Brenntag and SAP drifted lower by 1.2% and 1%, respectively. Continental, Deutsche Boerse and Adidas eased by 0.6%-0.7%.
Shares of internet services company United Internet dropped more than 2%. The company has launched cost-saving programs at its subsidiaries 1&1 and Ionos that include job cuts.
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