Oil made a big comeback in the afternoon, despite earlier losses, with both Brent and WTI crude up more than 5 percent when European stock markets closed. This follows on from Thursday, when oil prices skyrocketed over 10 percent, in the biggest one-day rally in years.
With Brent crude oil back about $50 per barrel, European energy stocks rallied, with Tullow Oil finishing over 9 percent higher and Petrofac and Statoil also sharply up.
The top performer, however, was Seadrill. Shares closed more than 11 percent higher after the Norwegian company said it would delay the delivery of 10 offshore oil rigs and drill ships for up to two years, after reporting a 37 percent drop in second-quarter net profit.