European stocks rose, driven by the recovery of oil and the rise in mining stocks

European stocks rose on Tuesday, supported by a rebound in commodities stocks after falling in the previous session, as investors searched for mixed signals from European Central Bank policymakers over their stance on interest rates.

The pan-European Stoxx 600 index rose 0.2 percent, nearing its highest level in more than two months.

Oil and gas stocks jumped more than three percent, heading to compensate for all the losses incurred on Monday, at a time when crude oil prices rose after the Saudi Energy Minister denied a report indicating that the OPEC + group was considering increasing production.

Mining stocks rose 1.4%, after declining 1.6% in Monday’s trading due to fears of an increase in COVID-19 infections in China.

Meanwhile, the Financial Times reported that European Central Bank (ECB) Governing Council member Robert Holzmann endorsed raising deposit rates by 75 basis points for the third consecutive time at the next rate-setting meeting in December.