Traders were on tenterhooks before US jobless claims data, which will again lay bare the impact of COVID-19 on the world's biggest economy after dire figures last week.
In midday deals, the London stock market advanced 0.3 percent with energy majors BP and Shell winning almost ten percent on the back of soaring crude futures that lift profits.
In the eurozone, Frankfurt added 0.4 percent, Milan won 0.8 percent and Paris gained 0.7 percent.
Oil soared more than ten percent on hopes for a US intervention to end a Saudi-Russia price war, with President Donald Trump saying he expected the two to resolve the row, while dealers were also cheered by China's decision to snap up bargain crude.
The European single currency meanwhile dipped versus the dollar.
Oil supporting equities
"We do appear to be seeing some gains ... on a couple of headlines that China will start topping up its state reserves, and that Saudi Arabia is supporting co-operation amongst oil producers to stabilise oil markets," said CMC Markets analyst Michael Hewson.
"These gains are helping support rebounds in Royal Dutch Shell and BP's share price, as well as a modest stabilisation in early trading for European markets."
On the downside, Madrid stocks dived 1.1 percent on news that the coronavirus death toll in Spain has surged past 10,000 after a record 950 deaths in 24 hours, while the number of confirmed cases passed the 110,000 mark.
The deadly coronavirus is keeping traders on edge as it sweeps the planet, with infections approaching one million and countries forced to tighten already strict lockdown measures.
Equities were gripped Wednesday by a global rout as the human and economic toll from the coronavirus rose.
After two weeks of much-needed gains fuelled by trillions of dollars in stimulus and widespread monetary easing, focus has returned to the devastation wrought on populations and the long-term impact of the pandemic.
US President Donald Trump]'s COVID-19 task force has warned America could see almost a quarter of a million deaths and the president warned of a "horrific" couple of weeks ahead.
His sobering comments came as a number of countries said they would extend lockdowns, which have already gouged economies around the world.
Adding to the unease on trading floors was a report saying China had masked the true extent of the virus in the country, which is just coming out of an extended shutdown.
Later on Thursday, eyes are on the release of US jobless claims figures for last week, which some estimates have put at a mind-boggling 6.5 million.
'Bundle of nerves'
Asia faced a mixed session, with Tokyo down 1.4 percent, while Sydney and Kuala Lumpur shed two percent apiece and Singapore dropped 0.2 percent. There were also losses in Wellington and Manila.
But Hong Kong rose 0.8 percent and Shanghai rallied 1.7 percent, with Seoul and Bangkok up more than two percent. Jakarta put on more than one percent.
"Investors are struggling to look through President Trump's ominous forecast suggesting Americans could keep dying into June," said AxiCorp's Stephen Innes, adding that investors were a "bundle of nerves".
Crude rallied after Beijing called on authorities to buy up the battered commodity to fill its reserves, helping ease supply pressure after demand fell off a cliff and producers ramped up output.
Key figures around 1045 GMT
London - FTSE 100: UP 0.3 percent at 5,468.21 points
Frankfurt - DAX 30: UP 0.4 percent at 9,583.13
Paris - CAC 40: UP 0.7 percent at 4,236.54
Milan - FTSE MIB: UP 0.8 percent at 16,719.62
Madrid - IBEX 35: DOWN 1.1 percent at 6,504.40
EURO STOXX 50: UP 0.4 percent at 2,690.24
Tokyo - Nikkei 225: DOWN 1.4 percent at 17,818.72 (close)
Hong Kong - Hang Seng: UP 0.8 percent at 23,280.06 (close)
Shanghai - Composite: UP 1.7 percent at 2,780.64 (close)
New York - Dow: DOWN 4.4 percent at 20,943.51 (close)
Brent North Sea crude: UP 10.8 percent at $27.40 per barrel
West Texas Intermediate: UP 10.0 percent at $22.35
Euro/dollar: DOWN at $1.0922 from $1.0964 at 2100 GMT
Dollar/yen: UP at 107.27 yen from 107.17
Pound/dollar: UP at $1.2423 from $1.2406
Euro/pound: DOWN at 88.87 pence from 89.07 pence
AFP / 
AFP / LUIS TATO 
AFP / Jung Yeon-je 
AFP / JEFF KOWALSKY 
AFP / Philippe LOPEZ 
AFP / RICARDO GARCIA VILANOVA 