European stocks open stable, with the London Stock Exchange leading gains

European shares opened stable on 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.

The European Stoxx 600 index settled at 462.46 points, while the Financial Times 100 index in London led 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 world’s largest crude exporter, 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 debt default risk and mounting indications fueled speculation that the Federal Reserve will not raise interest rates this month.

Shares of Endeavor jumped 11 percent, leading 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.