European markets mixed, and commodities stocked up

European markets traded mixed. Oil markets were in the spotlight following a surprise production pullback from the OPEC+ alliance, which includes OPEC members such as Saudi Arabia rather than big non-OPEC producers such as Russia.

The pan-European Stoxx 600 index advanced 0.22%, with sectors and major stocks spreading some gains.

Oil and gas stocks advanced 3.52%, while travel and leisure retreated 0.9%. Banking shares advanced 1.6%, although UBS retreated 2% after news of job cuts.

Brent and U.S. West Texas Intermediate crude futures advanced 8.2% after OPEC+ agreed to cut more than 1 million barrels daily until the end of 2023.

Oil companies led the Stoxx 600 index in early trade after OPEC+ began unexpectedly cutting oil supplies.

Harbor Energy, based in Scotland, rose 6.9%, the highest increase of the day, while Galp Energia from Portugal experienced a 5.22% increase. The companies with the biggest gains were all oil and gas-based, including energy majors B.P. and Shell, which advanced by 4%.

At the end of the week in the United States, Nasdaq 100 futures decreased as Wall Street focused on the start of the second quarter.

Shares in UBS fell 2.3% in early trade after reports that the bank may begin significant job cuts under its Credit Suisse takeover.

About 30,000 jobs are at risk

Following approval from Credit Suisse, the Swiss banking giant will purchase their rival.

Shares in Cineworld fell 19.5% after the British cinema operator said it was no longer selling its U.S. and Europe-based businesses.

Cineworld could not find a buyer for the group because so much of the business was under bankruptcy protection in the fall.

The company proposed a restructuring agreement with creditors to reduce debt by about $4.52 billion.