Oil stocks enjoyed a better day after crude prices rallied overnight. Statoil climbed 2.9%, and Austria OMV gained 2%.

Decliners

E.On, which is trying to buy Endesa, slid 2.2% and Ryanair Holdings shares declined 1.9% after it said that it has hedged its fuel requirements between January and March 2007 at a rate equivalent to $73 per barrel of Brent crude.

Oil and gold

Oil held above $61 on Tuesday after recovering from a six-month low as dealers focused on whether OPEC might trim output should prices fall further. U.S. crude sank four cents to $61.41 a barrel by mid morning, while London Brent slipped 12 cents at $60.68 a barrel. Gold advanced more than one percent on Tuesday tracking higher crude oil prices. Gold hit a high of $593.75 an ounce, its highest in nearly two weeks, and was quoted at $589.30/590.30.

Currencies

The euro fell against the U.S. dollar on Tuesday as fears of lower inflation data from the European Union undermined the common currency. In morning trading, the euro was down to $1.2743 from $1.2757 late Monday in New York. The British pound dropped to $1.8989 from $1.9014 late Monday. The dollar fell to 116.34 Japanese yen from 116.48 yen.