European stocks open stable, FTSE leads gains supported by oil ‎prices

European shares opened stable today, Monday, after the markets failed to take advantage of the momentum resulting from last week’s gains, while London shares led the gains in the region, supported by the optimistic performance of energy companies, on the back of rising oil prices.

According to “Reuters”, the European Stoxx 600 index settled at 462.46 points, while the Financial Times 100 index in London topped the gains and rose 0.5 percent.

The European oil and gas sector index rose 1 percent, supported by higher oil prices, after Saudi Arabia, the largest global exporter of crude, pledged to cut production by an additional million barrels per day, starting in July.

Markets struggled to add to the optimism of Friday’s gains as inflation eased in the eurozone, the United States escaped the threat of a debt default, and growing indications fueled speculation that the Federal Reserve would not raise interest rates this month.

Shares of Endeavor jumped 11 percent, topping gains on the STOXX 600 index, after the drugmaker agreed to pay $102.5 million to settle a lawsuit related to its opioid drug Suboxone.