Eurozone stocks rise at open ahead of OPEC+ meeting

• Frankfurt DAX jumped 0.4 percent to 14,396.71 points.
• the Paris CAC gained 0.6 percent to 6,455.27 points.
• London’s FTSE 100 was shut for a long bank holiday to mark Queen Elizabeth Platinum Jubilee.

Eurozone stocks opened higher on Thursday as investors anticipate major oil-producing nations’ output decisions.

The Frankfurt DAX jumped 0.4 percent to 14,396.71 points, while the Paris CAC 40 gained 0.6 percent to 6,455.27 points.

London’s FTSE 100 was shut on Thursday for a long bank holiday weekend to mark Queen Elizabeth II’s Platinum Jubilee.

Read More: OPEC debates oil output boost amid Russian isolation

The OPEC+ group of major oil producers, led by Saudi Arabia and Russia, is expected to continue its policy of modestly increasing production when it meets later on Thursday, days after the EU agreed to ban most Russian crude.

Energy prices have soared since Russia invaded Ukraine on February 24, fuelling a sharp rise in inflation that is prompting central banks to tighten their monetary policies.

Oil prices fell by almost two percent on Thursday Financial Times report that Saudi Arabia was considering a plan to boost output as Russia struggles to meet targets owing to Ukraine war-linked sanctions.

The Wall Street Journal reported on Wednesday that Russia could be removed from the OPEC+ output deal.

The action could allow Saudi Arabia and other countries to increase supply to make up for the shortfall caused by a European Union ban on most Russian oil.

So far, OPEC+ has rejected US demands to raise output in order to calm markets.

“Everything rests on the OPEC+ meeting today,” said Jeffrey Halley, an analyst at online trading platform OANDA.

“If Russia is sidelined, I mean exempted from its production quotas, with other members stepping up, European markets could find themselves with a decent tailwind today. A business-as-usual outcome is likely to see a disappointing reaction,” he said.

Read More: Eurozone stocks sink as inflation accelerates to record high