European markets accelerated gains on Wednesday to close sharply higher, as investors cheered the recovery in oil prices and mining stocks.
Oil was in focus after U.S. crude prices rose above Brent on Wednesday, following an unexpectedly large drop in U.S. crude inventories.The Energy Information Administration reported crude inventories fell by 5.9 million barrels last week, which shocked markets as analysts had expected an increase of 1.1 million barrels.
The European oil and gas stock index closed up around 4.8 percent as a result.
Shell released a statement saying the break-even price for the deal was somewhere in the low $60 range for Brent crude oil.
BG Group and Shell's shares both finished more than 5 percent higher on Wednesday.
Miners, oil names lead STOXX 600
Base metal prices ticked slightly higher on Wednesday, boosting mining stocks. Steel maker Arcelormittal finished over 11 percent higher, with major miners including Anglo American and Glencore, closing up over 8 percent.
This helped propel London's mining-heavy FTSE 100 index, which ended 2.6 percent higher.
Syngenta up on M&A chatter
French pharmaceutical firm Sanofi finished around 2.8 percent higher after it said it had submitted an application to the U.S. Food and Drug Administration for a new diabetes drug.
Shares in Games Digital tanked almost 38 percent, after the British video games retailer said in a trading update that it expected first half profits to fall due to the U.K.'s "challenging" market conditions and disappointing sales.