European stocks moved decisively lower on Friday, giving back a chunk of the prior day's rally after economic data painted a mixed picture of the region's recovery. The week's gains came as the U.S. Federal Reserve refrained from raising interest rates and indicated it would keep monetary policy loose for at least another few months. Traders in Europe and the U.K. closely watch where U.S. interest rates are headed, as they are a major driver for the global economy and currency markets.

U.S. stocks closed near session lows Friday, with investor sentiment hit by a renewed slide in crude-oil prices. Reports that major oil producers are not likely to reach an agreement to freeze production at a meeting this weekend resulted in the largest one-day loss for oil futures since mid-July.

Asian shares were broadly lower Monday, following declines in U.S. stocks on Friday and amid nervousness about the state of global oil markets. The Organization of the Petroleum Exporting Countries gathers for an informal meeting this week in Algiers, with production cuts likely up for discussion.