European stocks open higher supported by a rise in energy company stocks

European stocks rose slightly on Thursday, supported by gains in energy stocks as oil prices rose while investors awaited inflation data from Germany, the euro zone’s largest economy.

The European STOXX 600 index rose 0.1 percent by 0705 GMT, after five consecutive sessions of losses, and the German DAX index rose 0.2 percent.

Shares of energy companies rose 0.9 percent, with crude oil prices recording a jump, reaching their highest level in more than a year, with US crude inventories falling, exacerbating concerns about scarcity of supplies due to production cuts from OPEC+.

But Ryanair shares fell 1.2 percent after the European airline announced it would reduce the number of its flights during the winter due to a delay in delivering an order from Boeing, but it added that its expectations for travel demand for the entire year had not yet been affected.

On Wednesday, the Italian government lowered its economic growth forecasts for this year and next and raised the budget deficit target. Shares in Italy increased 0.2 percent.