Markets Right Now: Higher Oil Prices Help Support Stocks – ABC News

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The Latest on developments in financial markets (all times local):

10:20 a.m.

European stock markets are tracking their counterparts around the world higher as oil prices continue their advance and ahead of key U.S. inflation data.

The recent recovery in the price of oil towards $50 a barrel is being viewed by stock investors as a sign of an improving global economy. Jitters over the outlook had been one of the reasons why they fell to multiyear lows below $30 a barrel earlier this year.

In Europe, the FTSE 100 index of leading British shares is up 1 percent at 6,214 while Germany’s DAX has risen 0.9 percent to 10,044. The CAC-40 in France is 1 percent higher at 4,357.

Whether the rally perseveres may hinge on U.S. consumer price inflation data later. The headline rate is expected to rise to 1.1 percent in April from 0.9 percent the previous month. The Federal Reserve is looking closely at inflation numbers to determine whether it will raise interest rates again in June.