European equities closed slightly higher Friday, as the oil and gas sector took another hit from tumbling prices.
Italy's Eni ended Friday down nearly 4 percent after it became the first oil major to announce that it would cut its dividend and trim its buyback program because of the low oil price. Across Europe the oil and gas sector took a 2.61 percent hit.
In the U.S., stocks traded lower on Friday by more than 1 percent lower as investors eyed weak inflation data amid renewed dollar strength and sharply lower oil prices..
Shares in Italian luxury group Tod's were suspended after they fell by around 7 percent in early trade on Friday. It ended the day 6.2 percent lower. It comes after the company blamed weakening sales at the start of 2014 on lower Chinese consumer demand.
Also Friday, Russia's central bank cut its main interest rate further in an effort to stimulate the country's sanctions-hit economy. The Central Bank of Russia (CBR) cut the key rate by 1 percentage point to 14 percent. The Russian ruble strengthened against the dollar following the decision.