European shares opened flat on Monday as markets failed to catch the tailwind from a bounce seen last week, while London stocks led regional gains following upbeat performances by energy firms on the back of higher oil prices.

The pan-European STOXX 600 index held its ground at 462.46 points, while London’s FTSE 100 index led gains with a 0.5% climb.

The European oil & gas sector index rose 1%, buttressed by stronger oil prices after top global exporter Saudi Arabia pledged to cut production by another 1 million barrels per day from July.

Markets struggled to carry forward the optimism from gains posted on Friday after euro zone inflation eased, the US averted a debt default, and as growing evidence fuelled bets that the US Federal Reserve might pause interest rate hikes this month.

European shares log best day in two months

Shares of Indivior Plc surged 11% to top the STOXX 600 Index after the drugmaker agreed to pay $102.5 million to settle a lawsuit for its opioid addiction treatment Suboxone.