Oil prices near $115 as Europe stocks fall

Oil prices traded at five-month highs Friday, with Brent crude near $115 a barrel, while European stock markets mostly fell after poorly received company earnings.

At around 1045 GMT, Brent North Sea crude was up 1.3 percent at $114.65 a barrel and West Texas Intermediate was up 1.5 percent at $100.98. The price moves came as the Middle East conflict continued and investors watched energy demand heading into the northern hemisphere winter.

Danni Hewson, head of financial analysis at AJ Bell, said global markets were dealing with concerns about rising oil prices and the sustainability of artificial intelligence spending. She said oil was at five-month highs amid speculation about possible renewed US-Israeli strikes after next month's US midterm elections, as well as tensions in Ukraine and expected winter energy demand.

European equities fell in midday trading. London's FTSE 100 was down 0.6 percent, Paris's CAC 40 fell 0.7 percent and Frankfurt's DAX lost 0.9 percent.

Kering shares fell 13 percent in Paris after the French luxury group published results that did not reassure investors about a turnaround at Gucci. Volvo Cars dropped more than 25 percent after saying US tariffs and strong competition from local brands in China pushed it into a third-quarter loss. The company announced a five-billion-kronor savings plan that it said would lead to about 2,000 job cuts in Sweden and 500 more globally.

Asian markets closed mixed. Tokyo's Nikkei 225 fell 0.3 percent, Hong Kong's Hang Seng rose 0.7 percent and Shanghai's Composite gained 0.9 percent.

Investors are also looking ahead to interest-rate meetings for the US Federal Reserve and European Central Bank, as well as an update on US economic growth.