European stocks closed little changed, almost erasing intraday losses, as a surge in oil countered a decline in banks and exporters.

Miners and energy shares tracked gains in crude, with Anglo American Plc and Glencore Plc up more than 9 percent. Banks were among the worst performers on the Stoxx Europe 600 Index, while BMW AG and Continental AG led carmakers lower.

Europe’s benchmark lost less than 0.1 percent at the close. It reversed an early advance of 0.4 percent to tumble as much as 1.8 percent, before paring losses. The Federal Reserve late yesterday signaled a slower pace of rate increases, citing the potential impact from weaker global growth and financial-market turmoil.

Source : Bloomberg