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Europe ends higher on oil recovery; miners rally

European markets posted strong gains on Tuesday, on the back of a sharp rebound in oil prices and a rally in mining stocks.

The pan-European STOXX 600 finished around 0.9 percent higher, with almost all sectors closing in positive territory.

London's FTSE 100 ended 0.6 percent higher, while its continental European counterparts sped ahead, with France's CAC 40 and Germany's DAX closing up 1.1 and 0.9 percent, respectively.

Most peripheral bourses finished in the green, but Russia's MICEX closed down 0.7 percent.

Positive U.S. trade boosted Europe's performance, with Wall Street posting strong gains on the back of some better-than-expected earnings, including from Procter & Gamble.

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Mining stocks were Europe's top performs, as the recovery in both oil and metal prices boosted sentiment. Glencore and Rio Tinto finished up 7.7 and 4.9 percent respectively.

London-listed Anglo American jumped to the top of benchmarks, closing almost 12 percent higher, after the company announced that its diamond unit, De Beers, had made $540 million during its first sales cycle of 2016.

After sliding as much as 7 percent on Monday, Brent crude and U.S. crude oil prices jumped above $31 per barrel on Tuesday, as investors grew hopeful of a deal between OPEC and non-OPEC producers to crack down on the global supply glut.

Subsequently, shares of Tullow Oil ended Tuesday more than 11 percent higher, with Seadrill, BP and Shell all posting strong gains.

Siemens up over 8%

Siemens reported a solid set of first quarter earnings, with the German firm raising its guidance despite a challenging environment. Siemens stock was one of the best performers of the day, with shares finishing up 8.6 percent.

Meanwhile, Dutch LED lights and medical scanner maker, Philips, reported a 39 million euro ($42 million) net loss in the fourth quarter and said it expected "modest" sales growth this year. Nonetheless, shares closed up over 6 percent.

British budget airline, Easyjet, said that first quarter revenue per seat – a key industry metric – was down 3.7 percent on a constant currency basis due to the Paris attacks and cancelled flights to Egypt. This saw shares close more than 3 percent down.

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