U.K. stocks rallied on Thursday, with resource companies leading the charge higher as investors cheered a decision by the Organization of the Petroleum Exporting Countries to cap oil output.

U.S. stocks closed lower Thursday, recovering from session lows, following a selloff fueled by investor worry about European banks and talk of a December rate increase by the Federal Reserve. Investors were following embattled giant German lender Deutsche BankAG, which has been buffeted by concerns about the health of its balance sheet, specifically its ability to withstand a potential $14 billion fine from the U.S. Justice Department. Deutsche Bank's U.S.-listed shares DB, -6.67% closed down 6.7%

Asian stocks extended losses on Friday as worries about the health of Deutsche Bank weighed on financial shares and as oil prices inched back from near-one month highs on scepticism over OPEC's new plan to curb output.