NEW YORK: A fourth day of gains in oil prices helped lift European shares on Thursday, while an almost 1 percent drop against the euro this week took the shine off a strong 2015 for the dollar.

Markets were subdued, with a number of major bourses, including those in Germany, Brazil, Norway closed entirely, while several other markets were set to close early for the Christmas holiday.

Wall Street dipped modestly in subdued trading on an abbreviated day that was set to close at 1 p.m. (1800 GMT).

The Dow Jones industrial average fell 42.05 points, or 0.24 percent, to 17,560.56, the S&P 500 lost 2.66 points, or 0.13 percent, to 2,061.63 and the Nasdaq Composite added 6.75 points, or 0.13 percent, to 5,052.68.

Falling supplies and the lifting of a 40-year old ban on most US crude exports pushed front-month West Texas Intermediate (WTI) crude futures 49 cents, or 1.3 percent, higher to $38 a barrel.

They were set for the biggest weekly gain since early October.

Internationally traded Brent futures rose 67 cents, or 1.8 percent, to $38.02, having fallen about 35 percent this year.

Tumbling oil prices have battered energy companies and lowered inflation expectations, pushing down government borrowing costs and reinvigorating bets on further European Central Bank monetary policy easing.

Shares of British oil majors such as BP and Royal Dutch Shell climbed around 1 percent, but in the United States, Exxon Mobil and Chevron were lower, as energy stocks pulled back from a few days of strength. The sector has been the worst performer among the S&P industries in 2015.

Britain’s blue-chip FTSE 100 index rose 0.2 percent, while Spain’s IBEX advanced 0.4 percent and France’s CAC edged down 0.2 percent.

“The London market is benefiting from the latest rebound in crude oil prices,” said Spreadex analyst Connor Campbell.

MSCI’s all-country world stocks index added 0.2 percent.

The euro was up 0.4 percent at $1.0954, while the dollar was down 0.4 percent against an index of rival currencies, having risen almost 9 percent this year.

Against the euro, the dollar lost 0.8 percent this week, having gained 11 percent since January in the run-up to the first US Federal Reserve interest rate hike since 2006.

“As we move closer toward 2016 there are few calls for the dollar to repeat its 2015 strength, even despite the Fed now finally having commenced its tightening cycle,” said Simon Smith, chief economist at FXPro. MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.6 percent, after US stocks posted their third straight session of gains.

China’s blue-chip CSI300 index and the Shanghai Composite Index fell 1 percent and 0.6 percent, respectively, after regulators tightened rules for insurers investing in listed firms.

Japan’s Nikkei ended 0.5 percent lower after a stronger start.

Spot gold rose 0.3 percent to $1,073.60 an ounce.