Brent oil turns positive, European equities advance

Oil prices gapped lower in Asia, but turned positive in Europe and helped the major European stocks advance.

At the time of writing, Brent was trading 0.34% or 13 cents higher on the day around $38.80/barrel. Prices hit a low of $38.10 levels earlier today as traders priced-in falling prospects of output freeze accord. WTI oil also traded with 0.40% gains around $36.95/barrel.

Moderate gains in oil prices also helped Stoxx 50 index move higher. The index now trades 1.2% higher on the day.

Though oil prices have recovered, the gains are hard to come as concerns of excess supply remain intact.