European stocks closed slightly lower on Tuesday, as the oil and gas sector gave up some gains following the surprise production cut by the OPEC+ alliance.
Despite trading higher for most of the session, the pan-European Stoxx 600 index provisionally closed down 0.05%, its second consecutive day of marginal losses.
European markets
The insurance and financial services sectors both finished 0.5% higher.
However oil and gas stocks posted the steepest decline, shedding 0.1% after their 4% gain on Monday.
Oil prices fell on Tuesday after markets were jolted the previous day, with investor focus shifting to demand trends and the impact of higher prices on the global economy.
The British pound traded higher against the U.S. dollar through the session, and hit a 10-month high of $1.2525 after the Bank of England's chief economist warned domestically-generated inflation remained a key risk, and data showed U.S. job openings fell sharply in February, suggesting the Federal Reserve's aim of slowing the labor market is beginning to take effect.
The dollar has lost ground against major currencies this week on weaker economic data.
Investors also kept an eye on Credit Suisse's final annual general meeting before the bank is taken over by UBS. It was the first time the lender faced shareholders, who were denied a vote on the $3.25 billion takeover, since the bank's collapse.
Asia-Pacific markets closed mostly higher after the Reserve Bank of Australia held rates unchanged at 3.60%. U.S. stocks were initially higher before dipping.