A defiant session for oil stocks helped calm investor nerves in the wake of the worst week of trading for London’s FTSE 100 Index since August 2011.
There was some buying interest in a number of heavyweight oil companies as the price of Brent crude stabilised at around 63 US dollars a barrel.
More big losses for Asian markets had fuelled expectations for fresh falls in London but the FTSE 100 Index held firm at 19.3 points higher at 6320.1.
Oil and gas services firm Weir led the FTSE 100 pack with a gain of 4% or 64p to 1763p, while Tullow Oil was 12.1p higher at 379.4p and Royal Dutch Shell lifted by 28p to 2059.5p.
The calmer mood was in sharp contrast to the slump of 2.5% seen on Friday as more than £112 billion was wiped from the value of blue-chip shares during the worst week in more than three years, with shares down by 6.6% due to the tumbling price of oil and jitters over the global economy.
The boost in oil stocks comes after a turbulent week for the industry on the stock market.
Last week, more than £90 billion has been wiped from the value of blue-chip shares.
The 5% slide since reflected a new five-year low for the price of Brent crude and heightened worries over the outlook for the global economy, particularly after more disappointing economic figures from China.