European stock markets gained on Monday, but closed off their best levels after oil prices turned negative. Hopes that the U.S. Federal Reserve will keep rates on hold in June and a mostly positive session in Asia offset renewed concerns over a slowdown in China following weak trade data there.

The S&P 500 and Nasdaq Composite closed in positive territory Monday on the back of a rally in health-care stocks, while the Dow Jones Industrial Average retreated as uncertainties in the oil weighed on Wall Street. Volatility in stocks emerged after the weekend dismissal of Saudi Arabia's powerful energy minister, Ali al-Naimi, sowed uncertainty about the country's energy policy, said Paul Nolte, portfolio manager at Kingsview Asset Management. Al-Naimi will be succeeded by Khalid al-Falih, the chairman of the country's state oil company, Saudi Aramco.

Shares in Asia were choppy Tuesday, largely due to falling commodities prices, though Japanese stocks surged after officials warned that the government could intervene against a sharp rise in the yen. Commodities continued their selloff, with rebar futures falling more than 6% and iron ore futures down about 5%.

Based on MarketWatch materials