French oil major Total took a $6.5 billion writedown in the fourth quarter, mainly on its North American oil sands and shale assets.
European equities closed mixed on Monday, after a volatile day of trading.
US crude closed oil nearly 3 percent, rebounding from falls in the previous session as more energy firms cut investments and the dollar weakened.
OPEC's secretary general says oil prices will remain around their current levels for around a month before rebounding.
European markets closed higher on reports that the ECB is set to buy around 50 billion euros per month of government bonds for around a year.
European equities rallied after a volatile session of trade on Thursday to close sharply higher, following action from the Swiss National Bank.
European equities closed sharply higher on Tuesday, with a surge in retail stocks helping to boost investor sentiment.
A surge in U.S. gasoline and diesel supplies spells more trouble for oil prices but is good news for consumers.
Oil's dramatic fall in price will have serious effects on revenues and spending in the sector, according to industry analysts.
Wall Street is getting more bearish on the outlook for oil prices and some strategists see the market many months away from finding a floor.
Oil futures plunged on a surge in supplies of U.S. oil and a record level of gasoline.
European shares closed higher on Tuesday, with revised growth data from the U.S. and record gains on Wall Street boosting sentiment.
Shale oil firms in the U.S. will suffer in the next two years due to the dramatic fall in the price of the commodity, according to Dennis Gartman.
OPEC talked down the oil market, sending crude sharply lower, while warm weather and growing supply battered natural gas prices.
Trying to pick a bottom in energy stocks: is this the time to go long?
European stock markets closed sharply lower on Friday, as commodity prices continued to fall and and shares in oil-related firms tanked.
A continued fall in the price of oil and a rout in Chinese stocks weighed on investor sentiment, with global equities seeing heavy losses.
Oil and gas exploration projects worth more than $150 billion are likely to be put on hold next year as plunging oil prices render them uneconomic.
European shares closed largely flat on Friday, although oil majors fell sharply after OPEC decided not to cut its output target.
European shares closed higher on Thursday, even as a further fall in oil prices led to heavy selling in the energy sector.