Crude oil prices have risen over the last two months, primarily due to supply outages in Canada and Nigeria.
On Tuesday, Brent crude and U.S. WTI posted gains by Europe's stock market close, despite turbulence earlier in the session. Both Brent and WTI hovered just below $50 per barrel, with rising output from the Middle East capping gains as the summer driving season kicks in.
Basic resources stocks under-performed, as a stronger dollar weighed on metal prices. London-listed miners, BHP Billiton, Anglo American and Glencore all closed sharply lower. However, ArcelorMittal bucked the sector trend, jumping 3.8 percent.
Overseas, U.S. stocks struggled for gains around Europe's close, with consumer stocks weighing on sentiment. Markets in Asia finished mostly higher, with Chinese mainland markets posting sharp gains.