European markets closed higher on Wednesday, as investor sentiment was buoyed by oil prices which pared earlier losses.
The pan-European STOXX 600 hovered around the flat line in afternoon trade, before turning positive to close around 0.5 percent higher.
Meanwhile, Volkswagen's stock was among the top performers, gaining around 6.6 percent on hopes of a resolution to its emissions-test-rigging case with U.S. authorities. Volkswagen-owned luxury carmaker Porsche closed more than 6 percent higher as a result.
ABB's CEO Ulrich Spiesshofer told CNBC Wednesday that the company had performed "quite well" in its first quarter, despite tough market conditions. Shares closed around 3.8 percent higher after the firm said it had improved its margin and increased cash flow by $200 million.
Shares of Europe's largest hotelier, AccorHotels rose by over 5 percent after its like-for-like sales rose by 1.9 percent in its first quarter. The company said demand was "strong" in most markets.