Europe shares pare gains after US consumer data

LONDON, May 16 (Reuters) - European shares pared some gains late on Friday as U.S. consumer sentiment hit its worst level in 28 years in early May, as short-term inflation expectations hit their highest since the stagflationary early 1980's.

By 1408 GMT, the FTSEurofirst 300 index of top European shares was up 0.65 percent at 1,368.77 points, having fallen back from around 1,373 points just before the Reuters/University of Michigan consumer sentiment survey.

Rising crude oil prices CLc1 made the oil and gas sector the top performer in Europe, as Total (TOTF.PA: Quote, Profile, Research), BP (BP.L: Quote, Profile, Research) and Royal Dutch Shell (RDSa.AS: Quote, Profile, Research) rose between 2.1 and 2.5 percent.

(Reporting by Amanda Cooper)