European stocks climb on boost from oil stocks

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March 21 (Reuters)European stocks edged higher on Monday, helped by gains in energy stocks as oil prices resumed their surge, while continued fighting in Ukraine helped keep broader risk sentiment in check.

The pan-European STOXX 600 .STOXX rose 0.1% after the close with its biggest weekly percentage gain since November 2020 on Friday.

Markets are watching the war in Ukraine closely, with European Union governments considering an oil embargo on Russia as they meet this week with US President Joe Biden for a series of summits aimed at toughening their stance against Moscow. .

The news also triggered a rise in oil prices. Crude Brent LCOc1 futures rose more than $3 above $111 a barrel, lifting the European oil and gas sector .SXEP by 1.3%.

London FTSE 100 .FTSE led the gains among its continental peers, up 0.4%.

Julius Baer BAER.S rose 0.7% after it reported having credit exposure to less than a single digit of customers subject to sanctions recently introduced in the Russian market.

Swiss credit CSGN.S edged up 0.1% after it said Vice Chairman Severin Schwan would not stand again on its board and the board named Christian Gellerstad as his successor.

(Reporting by Shreyashi Sanyal in Bengaluru; Editing by Subhranshu Sahu)

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Felix J. Dixon