European stock markets mid session: stocks traded higher on a rise in oil prices

Stock indices traded higher on a rise in oil prices. Oil prices increased on speculation that oil production will decline and on a weaker U.S. dollar. The U.S. Energy Information Administration said on Tuesday that oil production was 120,000 barrels a day lower in September than in August.

Comments by OPEC Secretary-General Abdalla Salem el-Badri also supported oil prices. He said on Tuesday that oil prices will rebound due to lower oil investments. el-Badri expects global oil investments to drop by 22.4% this year.

Meanwhile, the economic data from the Eurozone was negative. Destatis released its industrial production data for Germany on Wednesday. German industrial production slid 1.2% in August, missing expectations for a 0.2% gain, after a 1.2% rise in July. July's figure was revised up from a 0.7% increase.

The output of capital goods decreased 2.1% in August, energy output dropped 1.4%, and the production in the construction sector was down 1.3%, while the production of intermediate goods was flat.

The output of consumer goods decreased 0.4%.

German industrial production excluding energy and construction fell by 1.1% in August.

The Office for National Statistics (ONS) released its manufacturing industrial production figures for the U.K. on Wednesday. Manufacturing production in the U.K. rose 0.5% in August, exceeding expectations for a 0.3% gain, after a 0.7% decrease in July. July's figure was revised up from a 0.8% drop.

Manufacturing output was driven by a rise in the vehicle production.

On a yearly basis, manufacturing production in the U.K. decreased 0.8% in August, missing forecast of a 0.1% fall, after a 1.2% drop in July. July's figure was revised down from a 0.5% decrease.

Industrial production in the U.K. climbed 1.0% in August, beating forecasts of a 0.3% rise, after a 0.3% fall in July. July's figure was revised up from a 0.4% decline.

On a yearly basis, industrial production in the U.K. gained 1.9% in August, exceeding expectations for a 1.2% rise, after a 0.7% increase in July. July's figure was revised down from a 0.8% rise.

The increase was driven by adjustments in the ONS calculations. The extraction industry in the British North Sea was working at full capacity after shutdowns and maintenance work in July. A small increase in gas production also supported the industrial production.

Current figures:

Name Price Change Change %

FTSE 100 6,369.69 +43.53 +0.69 %

DAX 10,021.23 +118.40 +1.20 %

CAC 40 4,701.02 +40.38 +0.87 %