According to rttnews, European stocks look set to start Thursday's session on a buoyant note, as a surprise OPEC deal to limit oil production helped rekindle investors' appetite for risk.

At an informal meeting in Algiers on Wednesday, the Organization of the Petroleum Exporting Countries (OPEC) agreed a preliminary deal to cut production for the first time since 2008, though the output level for each member nation must still be finalized at an OPEC meeting in Vienna in November.

Oil prices fell slightly in Asian deals after settling up nearly 6 percent overnight in reaction to the OPEC deal and the release of EIA report showing an unexpected drawdown in U.S. crude oil stocks for the fourth straight week.

Other commodities traded mostly firm and the yen weakened against the dollar, after Fed Chair Janet Yellen said she believes the U.S. economy is continuing its recovery and is ready for a rate hike by the end of the year.

Asian stocks rose across the board, with Japanese shares leading regional gains after steep losses in the previous session.