REFILE-GLOBAL MARKETS-U.S. shares gain as oil prices bounce off 12-year lows

Thu Jan 14, 2016 12:16pm EST
 
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(Refiles to remove extraneous word in lead paragraph)

* Oil back above $30 a barrel

* European shares hurt by auto sector

* Dollar rises against basket of currencies

By Lewis Krauskopf

NEW YORK, Jan 14 (Reuters) - The energy sector led gains in U.S. shares on Thursday and European shares pared losses as oil prices rebounded from 12-year lows.

Major U.S. indexes rose after sinking to 3-1/2 months lows on Wednesday. Gains in stocks and oil also helped push the U.S. dollar higher, while the rebound in risk assets reduced demand for safe-haven gold and U.S. government debt.

Equity markets have tumbled to start the year as volatility in Chinese shares and the persistent slide in oil made investors jittery about the health of the global economy.

Oil prices rose more than 1 percent, and the commodity's turn may have prompted investors to cover short positions in commodity-related shares, said Walter Todd, chief investment officer at Greenwood Capital Associates in Greenwood, South Carolina. The S&P energy group was the best-performing sector.   Continued...