During Wednesday's early trade, European shares hit a new 14-month high, however markets fluctuated from black to red during trade.
On the bourses front, the U.K.'s FTSE 100 popped 0.38 percent, Germany's DAX rose 0.26 percent, while the French CAC lagged behind, closing up 0.15 percent. Most peripheral markets closed in the red.
Earnings were a big topic for European markets, with one of the biggest stories coming out from Lloyds Banking Group, after the bank announced its highest full-year profit in over a decade. Shares closed up near the top of the STOXX 600, jumping 4.4 percent, however the banking sector as a whole finished in the red.
Airbus Group meanwhile reported that its profits would increase this year as the European aerospace group seeks to regain control over costs and production problems. However, a net drop in profits and a hefty bill from its A400M military transport plane sent shares to close down 0.8 percent.
Engineering company Weir Group was found at the bottom of the STOXX 600, off 8.9 percent, after the firm posted an 11 percent drop in its annual revenue for 2016, coming in at £1.84 billion, on a constant currency level.
Commodities also weighed on markets with basic resources tumbling over 1 percent and energy also ending in the red, on the back of a solid decline in commodity prices. Brent and WTI slipped 1.5 percent or more during trade, with Reuters reporting that U.S. dollar strength offset some of the positive sentiment seen coming out of OPEC.
Unilever shares rallied in afternoon trade, after the consumer goods group said it was reviewing its options to advance shareholder value. Unilever closed up 5.7 percent.
ThyssenKrupp also outperformed, popping over 4.5 percent following reports that the German industrials company had sold its Brazilian steel plant to Ternium.