In Asia, markets closed mostly higher however China shares remained volatile again. Adding to concerns over China's economic growth and the depreciation of the yuan, shares on the mainland got more bad news on Wednesday after data showed China's industrial profits fell 4.7 percent on-year in December, declining for a seventh month.
Several oil and gas stocks recovered from their sharp morning losses after Brent and U.S. crude staged a recovery late in Europe's session; shaking off the earlier news that U.S. crude stocks had risen by 11.4 million barrels last week to 496.6 million.
Prices were boosted by the EIA's slightly lighter news which reported crude inventories had only risen by 8.4 million barrels in the week through Jan. 22, bringing the total in storage to 494.9 million barrels, lower than the American Petroleum Institute's 496.6 million figure.
U.S. oil last stood 1 percent higher around $31.84, while Brent was around $32.37. Oil and gas stocks closed mixed, with Saipem off more than 11 percent, while BP and Total closed higher.
The majority of Europe's miners recovered following a pick up in oil and a recovery in metal prices with Glencore jumping over 5.5 percent.