European stocks close: stocks closed mixed as oil prices fell again

Stock indices closed mixed as oil prices fell again. Oil prices traded lower on news that Russia and Saudi Arabia on Tuesday agreed to freeze the oil production at the level of January if other oil producers join.

Market participants also eyed the weak ZEW economic sentiment data from Germany and the Eurozone. The ZEW Center for European Economic Research released its economic sentiment index for Germany and the Eurozone on Tuesday. Germany's ZEW economic sentiment index declined to 1.0 in February from 10.2 in January, beating expectations for a fall to 0.0.

"The looming slowdown of the world economy and the uncertain consequences of the falling oil price put a strain on the ZEW Indicator of Economic Sentiment. In view of these developments, the concern over an increased credit default risk has already caused stock and bond prices for many banks in Europe, Japan and the US to slump," head of the "International Finance and Financial Management" Research Department at ZEW, Sascha Steffen, said.

Eurozone's ZEW economic sentiment index dropped to 13.6 in February from 22.7 in January, beating expectations for a decline to 10.3.

The Office for National Statistics (ONS) released the consumer price inflation data for the U.K. on Tuesday. The U.K. consumer price index rose to 0.3% year-on-year in January from 0.2% in December, in line with expectations. It was the highest reading since January 2015.

The rise was driven by a softer decline in food and fuel prices.

On a monthly basis, U.K. consumer prices dropped 0.8% in January, missing expectations for a 0.7% fall, after a 0.1% gain in December.

The monthly decline was driven by a drop in air fare prices.

Consumer price inflation excluding food, energy, alcohol and tobacco prices decreased to 1.2% year-on-year in January from 1.4% in December, missing expectations for a 1.3% gain.

The consumer price inflation is below the Bank of England's 2% target.

Indexes on the close:

Name Price Change Change %

FTSE 100 5,862.17 +37.89 +0.65 %

DAX 9,135.11 -71.73 -0.78 %

CAC 40 4,110.66 -4.59 -0.11 %