Oil price rise helps shore up global markets

LONDON (AP) — A bounce-back in oil prices helped European stock markets to recover their poise Thursday following an earlier retreat when concerns over the state of U.S. consumer spending weighed on shares.

The mood was helped by a report from the International Energy Agency that higher than expected Iranian oil production has helped stabilize the global oil market by offsetting concerns generated by wildfires in Canada and violence in Nigeria.

ANALYST TAKE: "A breakout in oil prices, which comes despite a Saudi commitment to keep the taps firmly in the 'on' position, seems to be helping risk appetite," said Chris Beauchamp, senior market analyst at IG.