and unless it goes sharply higher -- then it's no longer the shock horror story it was," said Nigel Cobby, managing director of European equities at J.P. Morgan investment bank. A pullback in crude oil prices could spur further gains in shares, he added. Strong crude oil prices were not having as negative impact on inflation and economic growth as had been feared, and shares were also being underpinned by cash piles wanting a home in a new quarter, Cobby said. Moves in the related futures markets were also supportive. The DJ Stoxx oil and gas sector index gained 1.3 percent, leaving it just shy its best levels for the year. UK oil major BP was the region's top blue-chip gainer, up 2.7 percent at 549 as investors savoured rising profits on the back of strong crude prices. Rival Shell rose 1.5 percent to 418-1/4p. Elsewhere in the commodity sector, basic producers also did well after German industrial group ThyssenKrupp said its steel division is confident about the future, sending its shares, and those of rival Corus, higher. --More 2323 Local Time 2023 GMT
