Europe closes higher as OPEC agrees production cut

European markets closed higher on Wednesday afternoon as investors cheered an agreement among OPEC members to cut production and closely followed political developments in Italy.

RBS shares fall

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The pan-European Stoxx 600 was 0.4 percent higher in afternoon trade, buoyed by OPEC reaching a deal among all 14 member countries to curtail oil production for the first time since 2008. Oil and gas stocks were leading the gains, up over 3.5 percent.

Meanwhile in the U.S., the Dow Jones industrial average traded higher on the last trading day of a record-breaking month fueled by President-elect Donald Trump's impact on the markets.

OPEC deal in the balance

Oil prices soared more than 7 percent to almost $50 a barrel on and rallied to five-week highs on news of the OPEC deal.

Euro zone flash inflation figures for November met expectations when they were released Wednesday, coming in at 0.6 percent.

Meanwhile, The Royal Bank of Scotland (RBS) announced a revised capital plan on Wednesday after failing a stress test from the Bank of England. Its shares dropped 1.4 percent. Standard Chartered and Barclays were also lower after the release of the results although both recovered to positive territory.

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