European markets tumbled to close sharply lower on Tuesday, as concerns over oil prices haunted traders and investors worldwide.
The pan-European STOXX 600 finished more than 2 percent lower, with all sectors closing in negative territory.
Concerns surrounding a glut in global oil supply continued to fester. When European markets closed, Brent crude futures for April were trading at around $33.10, with U.S. WTI crude futures for March at around $30.40.
This came after Standard & Poor's cuts its rating on Shell and placed it on a negative watch.
Shares of both companies ended sharply down on Tuesday.
In general, mining stocks performed poorly on Tuesday due to the decline in oil prices, with Anglo American finishing almost 8 percent down.
In the financial space, Swiss bank UBS reported 2015 net profit up 79 percent, beating analyst forecasts, but warned that volatile markets, low interest rates and a strong Swiss franc would continue to present headwinds, sending shares to close 6.8 percent lower.
Danske Bank finished up 4 percent after posting fourth-quarter earnings that beat estimates. It said it was planning to launch a 9 billion crows ($1.3 billion) share buyback program.
Austria's Raiffeisen Bank announced a preliminary 2015 consolidated profit of 383 million euros, sending shares to close nearly 5 percent higher.
Shares of Ferrari slipped in late trade by 9.6 percent, after the Italian luxury carmaker issued a cautious 2016 forecast on its financial performance for 2016.
Elsewhere, BT was scrutinized in late trade, after reports emerged that the company's broadband and phone network had been suffering problems across the U.K. BT said it was working hard to fix the issue and that there were no signs of a malicious attack. Its shares closed higher.
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