European stocks clung to their first back-to-back gains in almost a month, after giving up much of an earlier rally in the final two hours.

Energy companies posted the best performance on the Stoxx Europe 600 Index, even after trimming some gains on a report showing an increase in crude inventories. Commodity producers rebounded from a 12-year low, with Rio Tinto Group and Randgold Resources Ltd. rising at least 1.5 percent.

The Stoxx 600 added 0.4 percent at the close of trading. It rallied as much as 1.9 percent earlier amid better-than-forecast Chinese trade data, before briefly erasing gains as oil headed lower.

European stocks are climbing after concern that turmoil in China’s markets would hamper global growth drove them to the worst-ever start to a year. The Euro Stoxx 50 Index tumbled 7.2 percent last week.

In the past seven years, every time the euro-area gauge has fallen more than 7 percent in a week, it has rallied 16 percent on average in the subsequent three months. Investors are less sure of a repeat performance this time, as they worry about global growth amid higher U.S. interest rates. Antonin Jullier, Citigroup Inc.’s global head of equity trading strategy, recommends buying the region’s equities after recent lows and riding the rebound before cashing in.

Source: Bloomberg