European stocks attempt gains, despite weaker oil prices

The European equity markets had a negative start to the day, although quickly recovered ground and turned positive amid a rally in banking sector stocks across Europe, particularly in the Italian banks.

However, gains seem limited as the traders take a breather after witnessing a massive rebound in the European equities and another record-breaking day on Wall Street yesterday.

Also, renewed weakness in oil prices amid resurgent oversupply concerns and uncertainty over OPEC and non-OPEC producers’ output cut deal, weighed on the resource and energy stocks on the region’s indices.

Meanwhile, Germany's DAX 30 index rises +0.13% to 10,700 levels, while the UK's FTSE 100 index trades modestly flat around 6,740. Among the other indices, the French CAC 40 index advances +0.18% to 4,582 while the pan-European Euro Stoxx 50 index edges +0.38% higher at 3,065 points.