European stocks rose due to the prior agreement of OPEC to reduce oil production and encouraged the shares of commodity companies.

OPEC countries at an informal meeting in Algeria have agreed on reduction of oil production from the current 33.24 million barrels per day to 32,5-33 million barrels per day. The final written confirmation agreement to be reached on a formal meeting of the cartel on November 30 in Vienna.

"Overall, we see only the intention of the OPEC countries to agree on reduction of production. The details relating to the production cuts and to what extent, is not, and they are likely to appear only at the end of November. Is still much to be done, and they still have enough time, to upset the agreement ", - Accendo Markets analyst Mike van Dulko and Henry Croft.

The composite index of the largest companies in the region Stoxx Europe 600 rose during trading 0,8% - to 345.17 points.

Oil prices soared on Wednesday 5-6%, but little changed so far today.

Shares of oil companies sharply rise: Royal Dutch Shell securities jumped by 5,6%, Total SA - on 5,2%, BP - by 4.5%.

Metals are also rising, which pushes up the share prices of mining companies. Shares of BHP Billiton in London soared in price by 4,9%, Rio Tinto - on 2,7%, Anglo American - by 4.6%.

The cost of Lufthansa fell by 3%, Air France-KLM - on 2,5%, Ryanair - on 2,6%, IAG - on 1,4%, EasyJet - by 1.8%.

At the moment:

FTSE 6926.99 77.61 1.13%

DAX 10519.30 80.96 0.78%

CAC 4486.63 54.18 1.22%