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European stocks end higher as oil rallies

European stocks ended higher on Tuesday, with miners and auto stocks leading the way as oil prices climbed back towards $50 per barrel.

The pan-European STOXX 600 closed around 0.6 percent higher, with global stocks on course for their fifth straight day of gains.

London's FTSE 100 index closed up around 0.4 percent, while Germany's DAX and France's CAC both finished between 0.9 percent and 1.0 percent higher.

Glencore bounces back...again

Symbol
Name
Price
 
Change
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FTSE
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DAX
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CAC
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IBEX 35
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Shares in mining and commodity group Glencore bounced back after the group issued a factsheet on its finances in an effort to soothe investor fears on its debt levels.

The sector's other strong performer was Lonmin, another FTSE 100 component, which closed up a sharp 11.8 percent after a week-long rally.

Shares in Volkswagen were once again in focus, ending 3.8 percent higher after the embattled German carmaker's new CEO, Matthias Mueller, said it would need to make "massive" cost savings to overcome the consequences of the emissions scandal.

Rival carmaker, Renault, closed around 5.8 percent higher on reports that the French company wanted to deepen its alliance with Japan's Nissan.

U.S. stocks traded in a narrow range Tuesday, attempting to extend a sharp two-day rally, as investors awaited the official beginning of third-quarter earnings season.

Crude oil prices built on Monday's gains, with both Brent and WTI adding well over 4 percent on Tuesday. Oil companies were boosted by this, with SBM Offshore and Tullow Oil among the top performers, gaining well over 5 percent on the day.

This came after Russia said it was willing to meet with other big oil producers, including the Organization of Petroleum Exporting Countries (OPEC), to discuss the situation in global oil markets. Plus, the U.S. Energy Information Administration forecast that U.S. crude output would slow to 8.9 million barrels per day next year from an estimated 9.2 million in 2015.