European shares edged higher for the sixth straight session on this morning, buoyed by a further slide in world oil prices, but Danish telecoms firm TDC fell as a major shareholder sold down its stake.
Crude oil futures tumbled to a six-week low under $37 a barrel overnight on what traders said was mainly an unwinding of speculative long positions ahead of US oil supply data later today.
The fall in crude prices weighed on oil stocks, but provided some relief for markets worried that high energy costs could disrupt economic growth and feed inflation.
BP was down one per cent while Shell and Total both fell about 0.5 per cent.
European markets have been trapped in tight ranges in recent weeks with investors wary of rising interest rates and high oil prices despite strong earnings and economic growth.
Royal Bank of Scotland, Britain's second-biggest bank and the owner of Ulster Bank and First Active, reversed early losses to trade little changed after a mostly upbeat trading update.
BT Group, Britain's dominant fixed-line telecoms company, was another bright spot up 1.4 per cent after saying it will save one billion pounds a year by transforming its network under a five year program.