European stocks fell across the board Thursday as traders regrouped from yesterday's oil market volatility and re-set expectations for growth and inflation after the first agreed OPEC production cut in eight years.

Britain's FTSE 100 fell around 0.5% by 09:45 GMT, despite solid gains for mining and energy stocks, while the DAX performance index in Germany slipped 0.65% lower and France's CAC-40 dropped 0.6% from Wednesday's close.

Glencore plc (GLNCY) the world's biggest mining company, said Thursday that it would begin returning cash to shareholders next year after better-than-expected results from an asset sale and debt reduction plan.

Glencore shares rose 0.5% in London trading to change hands at 280 pence each, extending the three month advance to around 60%, double the gains of the FTSE 350 mining index.

Oil prices extended gains overnight in Asia trading after OPEC members agreed to cut production by 1.2 million barrels per day from January 1. The six-month agreement, the first the 14-member cartel has brokered since 2008, pushed global prices up more than 9% in a volatile session Wednesday that extended into Asia trading.

West Texas Intermediate crude for January delivery added a further 0.8% by 09:45 GMT to trade at $49.36, after the contract price topped $50 for the first time since October earlier in the session. Brent crude, the global benchmark, added 0.91% to change hands at $51.87.

Higher oil prices also had an immediate impact on global inflation expectations, taking both bond yields and the value of major currencies higher in its wake. Benchmark 10-year U.S. Treasury bond yields rose 2 basis points to 2.38% in Asia trade, while 30-year bonds traded at 3.02%.

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