Oil prices rallied by up to 5 percent in the build up to Saudi Arabia and Russia signing a joint statement on the oil market at the G-20 summit in China. The two nations are going to set up a working group to monitor the oil market and to ensure its stability.
Brent and WTI crude futures pared gains after the statement, which failed to promise the much-touted-but-never-delivered freeze to crude production.
Meanwhile, Markit's final composite Purchasing Managers' Index (PMI) for the euro zone in August was 52.9, below a flash estimate of 53.3 and July's figure of 53.2. August's reading was the lowest since January 2015. But it's still above the 50 mark that divides growth from contraction.
Sterling traded around a seven-week high against the U.S. dollar after the Markit/CIPS PMI for the U.K. services sector jumped to 52.9 in august. This was the biggest one-month gain in the survey's 20-year history, according to Reuters.