Shares of European oil and gas companies traded on U.S. markets rose sharply on Wednesday with the broader European ADR market as the price of oil broke yet another record.
Light, sweet crude for May delivery hit as high as $115.07 on the New York Mercantile Exchange, settling up $1.14 at a record $114.93 a barrel.
European oil and gas ADRs _ or American Depository Receipts, which are shares of foreign companies traded on U.S. markets _ responded positively to the news. Oil companies often move with the price of crude.
French oil company Total SA gained $2.62, or 3.3 percent, to $81.26. Royal Dutch Shell PLC jumped $2.43, or 3.3 percent, to $76.24. Italian energy company ENI climbed $2.25, or 3.1 percent, to $75.53. Britain's BP PLC added $1.82, or 2.8 percent, to $67.29.
The Bank of New York Europe ADR index gained 4.84 points, or 2.8 percent, to 177.
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