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June 5 Reuters European shares were flat on Monday as markets struggled to hold on to the tailwind from a rebound seen last week, while London stocks led regional gains following upbeat performances by energy firms on the back of higher oil prices.

The panEuropean STOXX 600 index held near 462.5 points, trading barely within a threepoint range, while London39;s FTSE 100 index, housing Europe39;s top oil companies, led gains with a 0.5 climb.

The European oil gas sector index climbed 0.9, lifted by rising oil prices after top global exporter Saudi Arabia pledged to cut production by another 1 million barrels per day from July.

Markets struggled to sustain the optimism from gains posted on Friday after euro zone inflation eased, the U.S. averted a debt default, and receding bets that the U.S. Federal Reserve might pause interest rate hikes this month.

Its just a consolidation from Friday39;s strong gains following the U.S. data, so unless there is some big catalyst in the form of macro news, we39;re going to be range bound, said Stephane Ekolo, global equity strategist at Tradition in London.

The STOXX 600 ended May with declines of over 3, logging its worst monthly performance this year as much of the month went by with worries about the U.S. debt ceiling standoff and signs of a global economic slowdown.

European…