European stocks closed with strong gains Wednesday, as international creditors reached a deal to unlock more bailout funds for Greece and oil prices gained. Greece is now in line to receive 10.3 billion euros ($11.48 billion) in new loans, if a deal struck early Wednesday is signed off by the 19 countries comprising the eurozone.

U.S. stocks advanced for a second straight session on Wednesday, with the S&P 500 posting its highest close in nearly a month on the back of a rally in energy and materials shares.

Asian stocks rose to a one-week high and the currencies of oil-exporting nations strengthened as Brent crude traded above $50 a barrel for the first time since November. Gold rebounded from a seven-week low as the dollar lost ground versus most of its major peers.

Based on MarketWatch materials