Brent, WTI contracts lost further ground as US rig count rose and traders were unconvinced by producers' cuts.
Tensions surrounding James Comey's testimony and Mario Draghi's comments led to subdued activity.
The Nikkei rose by 0.10% during midday trading hours
The FTSE 100 and the FTSE 250 both end the week setting mid-session records.
US President's plan to sell half of his country's crude oil reserves fails to unnerve Opec members.
Fears of a hung parliament creep into the City as YouGov poll cuts Tories' lead to five points.
Both Brent and West Texas Intermediate contracts shed 5% overnight before staging a minor recovery.
Investors were disappointed by Opec's decision for supply cut extension.
Russian and Saudi oil ministers broker deal between 24 producers to extend their ongoing output cuts.
London-listed budget Wizz Air was the best performer in the second tier after reporting record profit, up 28% to €246m.
UK GDP data revised down to show economy grew only 0.2% in the first three months of the year.
Khalid Al-Falih also said he was not concerned about US shale production and described it as necessary.
The Shanghai Composite surged by 1.34% despite China's recent downgrade by Moody's.
The S&P 500 posted a record close at 2,404.39.
Most crude producers want production cuts to be extended for 6 to 9 months but Kuwait wants more.
An influential oil producers' committee has proposed rolling over ongoing output cuts.
The High Court has adjourned the RBS case for a month to allow further talks between the bank and its shareholders.
Federal Reserve will release minutes of its latest meeting tonight.
Ineos is buying yet another North Sea oil and gas business to continue its operational expansion in the region.
The Nikkei surged by 0.66% while the Hang Seng and Shanghai Composite registered minor downturns.
Tuesday's gains come less than a week after US stocks posted their worst daily decline in months.
Disgraced former RBS boss Fred Goodwin looks like avoiding giving his account of the bank's near-collapse.
Sterling falls against dollar and euro as public sector borrowing widens more than expected.
The Nikkei and Sensex dropped sharply by 0.42% and 0.61% respectively.
Precious metals rose for much of the European session fuelled by volatility in currency markets and political uncertainty.
Pound climbs back above $1.30 after losing half a cent against the dollar as Tories' lead narrows.
The Footsie opened the week higher making gains after surprise sharp falls late last week.
The Hang Seng and S&P/ASX registered the day's strongest gains of 0.94% and 0.76%, respectively
Switching focus from consumer to producer prices when charting the UK economy's path in uncertain climes is worthwhile.
Brent, WTI futures jump as market prices in fresh output cuts by major oil exporters.