Energy shares lead charge as crude oil prices soar to 3-year highs

LONDON (Reuters) – World shares rose on Monday, led by sharp gains in energy shares as crude oil prices soared to three-year highs of almost $80 a barrel while European stocks firmed after Germany’s election results ruled out chances of a purely left-wing coalition.

Stock markets benefited too from an ostensible easing in Sino-U.S. tensions and Chinese authorities’ decision to pump more cash into financial markets to potentially offset the fallout from embattled real estate firm China Evergrande Group.

German shares jumped 1.1%, while a pan-European equity index was up half a percent.

Gains were led by the energy sector, which rose almost 2% while Wall Street too was tipped for a firmer session, with S&P 500 futures up 0.3%.