On Monday global stocks were higher in trade thinned by a holiday, assisted by oil bouncing as recession fears were outweighed by worries over tight supply.

Britain’s FTSE rose by more than 1% and European stocks rallied 0.8%, boosted by gains in gas and oil companies.

Earlier on Monday oil prices dropped by $1 per barrel on fears about the economic outlook globally, but surged back after data showed decreased output from OPEC, and on sanctions on Russia, and unrest in Libya.

A strike in Norway may reduce supply this week and Ecuador’s oil production has recently been hit by unrest.

In June output from the 10 OPEC members dropped 100K barrels per day to 28.52M bpd, lower than the pledged increase of around 275K bpd.

U.S. crude lifted 1.2% to $109.76 per barrel, while Brent crude rose 1.25% to $113.02 per barrel.

MSCI’s global equity index rose 0.38% after last week losing 2.3%.

MSCI’s widest index of Asian-Pacific shares excluding Japan gained 0.34%.

Chinese blue chips were up 0.7%, helped by a surge of 4.65% in Chinese healthcare stocks. On Sunday eastern Chinese cities tightened COVID-19 curbs due to new coronavirus clusters.

The Nikkei in Japan added 0.84%.