European shares inch up on energy boost

Energy stocks climbed 0.9% as crude prices jumped to their highest in more than a year after a drop in U.S. crude stocks added to worries over tight global supplies from OPEC+ output cuts. Ryanair fell 1.2% after the European airline announced a number of cuts to its winter schedule due to the Boeing delivery delays, but added that its full year traffic forecast was unaffected "as yet".

European shares edged higher on Thursday, supported by gains in energy stocks as oil prices rallied while investors awaited inflation data from Germany, the euro zone's biggest economy.

The pan-European STOXX 600 index rose 0.1% by 0705 GMT after five straight sessions of losses, while Germany's DAX added 0.2%. Energy stocks climbed 0.9% as crude prices jumped to their highest in more than a year after a drop in U.S. crude stocks added to worries over tight global supplies from OPEC+ output cuts.

Ryanair fell 1.2% after the European airline announced a number of cuts to its winter schedule due to the Boeing delivery delays, but added that its full year traffic forecast was unaffected "as yet". The Italian government on Wednesday cut its growth forecasts for this year and the next and hiked its budget deficit targets.

Stocks in Italy climbed 0.2%.