U.K. stocks reversed course to finish higher Wednesday, supported by a rally in oil prices, but Travis Perkins PLC shares were hammered as the building products supplier flagged rough conditions stemming from the Brexit referendum. Oil extended its rally after the U.S. Energy Information Administration unexpectedly reported that weekly domestic crude supplies dropped by 5.2 million barrels. Analysts polled by S&P Global Platts expected a climb of 2.5 million barrel climb.

U.S. stocks closed higher for a second session Wednesday, boosted by a rally in the energy sector and stronger-than-expected quarterly results from Morgan Stanley. The Federal Reserve's Beige Book, an anecdotal economic survey, also indicated that the U.S. economy continues its modest, albeit steady, expansion.

Asian stocks advanced on Thursday, propelled by strong U.S. earnings and oil prices near a 15-month high, as the third and final U.S. presidential debate before the Nov. 8 election ended. In the final debate between Republican presidential candidate Donald Trump and Democrat Hillary Clinton, Trump tried to reverse the momentum in an election that polls show is tilting away from him.