Oil pushes European shares higher, growth fears persist

European shares rose slightly on Thursday, supported by a rise in energy shares and the US central bank’s commitment to its path to raise interest rates, while sentiment was negatively affected as concerns related to slowing economic growth persisted.

By 0840 GMT, the pan-European Stoxx 600 index rose 0.2 percent, extending its gains for a second day.

Shares made gains in various sectors, and the energy sector came first, rising 0.6 percent as crude oil prices rose due to tight supplies.

The European Central Bank is expected to start a cycle of raising interest rates in July, which has raised concerns among investors about possible pressures on the global economy.

The mining sector index fell 0.4 percent and the utilities sector declined 0.8 percent, limiting the gains.

United Utilities Water Inc plunged 7.6 percent after the company announced it would not increase average home bills for the full year.

Shares of other British utilities companies also fell.

Shares of British telecommunications group BT fell 4.6 percent.