2017.05.2206:38:00UTC+00European Stocks Slightly Higher on Hopes of OPEC Oil Cut

European markets were higher on Monday morning as miners advanced amid the rally in oil prices prior to the Organisation of Petroleum Exporting Countries' (OPEC) meeting which is broadly expected to result in an agreement to extend the curb on oil output.

The pan-European Stoxx 600 rose 0.2 percent after briefly slipping into negative territory. The technology sector was the only one in the red, as telecom and consumer services shares edged higher. The U.K.'s FTSE 100 index climbed 0.45 percent, Germany's DAX was up 0.18 percent while France's CAC rose 0.23 percent.

Madrid blue chips dropped 0.5 percent with financials being the largest decliners. Lenders Banco Popular, Bankia and Santander were off 1.6-3.5 percent.

Among shares active on corporate news, Clariant soared 9.3 percent after the Swiss chemicals firm and Huntsman Corp. reached an agreement to merge in an all-stock deal which will create a company valued around $14 billion.

Aegon jumped 7.4 percent after the Dutch-based insurer said it will sell some of its U.S. operations to raise its financial strength.

Shares of UCB dropped 14 percent and is on track for its worst day in three decades. The drugmaker and Amgen said the experimental osteoporosis drug will unlikely acquire U.S. approval at the moment due to safety concerns.