European stock markets mid session: stocks traded higher as oil prices stabilised above $30 a barrel

Stock indices traded higher as oil prices stabilised above $30 a barrel.

Last week's comments by the European Central Bank (ECB) President Mario Draghi also continued to support the markets. Draghi hinted at a press conference on Thursday that the central bank may add further stimulus measures at its meeting in March as downside risks rose.

Meanwhile, the economic data from Germany was mostly weaker than expected. German Ifo Institute released its business confidence figures for Germany on Monday. German business confidence index declines to 107.3 in January from 108.6 in December. December's figure was revised down from 108.7.

Analysts had expected the index to fall to 108.4.

"The year started with an unpleasant surprise for the German economy," Ifo President Hans-Werner Sinn said.

The Ifo current conditions index decreased to 112.5 from 112.8. Analysts had expected the index to remain unchanged at 112.8.

The Ifo expectations index dropped to 102.4 from 104.6, missing expectations for a decrease to 104.1. December's figure was revised down from 104.7.

Current figures:

Name Price Change Change %

FTSE 100 5,901.39 +1.38 +0.02 %

DAX 9,781.75 +16.87 +0.17 %

CAC 40 4,338.32 +1.63 +0.04 %