European oil stocks rally

European oil stocks rallied on Monday, leading gainers in the region, as crude prices jumped more than 5% following a surprise announcement by OPEC+ to cut production further.

The STOXX Europe 600 Oil & Gas index .SXEP was up 3.8% by 0705 GMT, set for its biggest one-day gain since November, with shares in oil majors BP BP.L, Shell SHEL.L, TotalEnergies TTEF.PA and Eni ENI.MI rising between 3.8 and 4.2%.

The pan-European STOXX 600 .STOXX was up 0.1%.

Fidelity European Trust PLC (LON:FEV) aims to be the cornerstone long-term investment of choice for those seeking European exposure across market cycles.

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