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European benchmarks were lower Thursday following what was a volatile session for commodities and industrials.

Oil prices whipsawed in response to evolving expectations around the question of it, and when, OPEC will agree to cut production further. Brent crude and oil stocks eventually fell when it emerged that the cartel of oil producing countries has no plan to reduce production again in the near future. 

Metals prices were mixed with iron ore, nickel and zinc futures trading lower while copper and aluminum rose. Accordingly, mining stocks were also mixed at the close.

Bitcoin prices continued to set fresh record highs Thursday, with the cryptocurrency now trading at more than twice the price of gold after having only surpassed the bullion's spot value three months ago.

London's FTSE 100 gained 0.04%, settling at 7,517, while the FTSE 250 gained 0.09% before coming to rest at 19,955.

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The DAX index fell 0.17% in Frankfurt to settle at 12,621, while the CAC 40 dropped 0.08% in Paris to settle at 5,337. In southern Europe, The FTSE MIB fell in Milan while the IBEX in Madrid eked out a minor gain.

In individual stocks, mining firm Anglo American (NGLOY) and oil producer BP (BP) - Get BP p.l.c. Report were the top fallers in London, with losses of more than 1% each.

Steel and mining titan ArcelorMittal (MT) - Get Arcelor Mittal NY Registry Shares NEW Report , as well as automaker Peugeot (PEUGF) , were the top fallers in France after dropping more than 1% each. In Frankfurt, Commerzbank (CRZBY) and BMW (BMWYY) were among the top fallers.

Elsewhere, Salvatore Ferragamo (SFRGF) stock slid further Thursday after the luxury goodsmaker issued a cautious outlook for the year ahead and said that the focus in the boardroom remains on rationalizing the retail business.

It said that management will remain focused on rationalizing the retail operations, reducing excessive inventories and launching new products in order to boost growth, adding that 2017 will be "a year of transition".

Ferragamo stock slipped nearly 3% during early trading in Milan, to change hands at an intraday low of €26.11 before paring losses.