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European Stocks to Open Higher as Oil Price Falls

European shares were set to edge up on Friday, snapping five straight sessions of falls, as shares on Wall Street pared losses after a retreat in crude prices from earlier highs helped ease worries over global growth.

A stock broker sits in front of a board displaying German share index DAX at the stock exchange in Frankfurt/M., western Germany.
Thomas Lohnes | AFP | Getty Images
A stock broker sits in front of a board displaying German share index DAX at the stock exchange in Frankfurt/M., western Germany.

European shares closed lower on Thursday, and were heading for their biggest weekly fall in nearly eight months, as Libya's crisissent crude prices still higher, sparking worries about inflation and economic growth.

Oil will remain in focus as the unrest in Libya and concerns it will spread to other countries in the region continues to push prices higher.

Discussions appeared to be underway between Saudi Arabia and European refiners to meet an oil exports shortfall, the Financial Times reported on Thursday.

On Friday, Irish voters will go to the polls to elect a new government.

Prime Minister Brian Cowen's government lost support after it accepted a bailout from the EU and IMF late last year, prompting the Green Party to withdraw from the coalition government.

A final opinion poll suggested Cowen's Fianna Fail party will struggle to win more than 20 seats, a record defeat for a party that has always dominated the 166-seat chamber.

Macroeconomic data on the agenda on Friday includes UK consumer confidence data for February as well as final fourth-quarter GDP data for the UK.

Spain is due to release its January producer price index

Contact Europe: Economy

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