European equity-index gauges finished with modest gains Monday, scoring a fillip from commodity shares as oil and metals prices rose. The Stoxx Europe 600 index SXXP, +0.09% ended up 0.1% at 395.97, marking a second straight advance and keeping the index around its highest since August 2015. But the index moved between small gains and losses throughout the session. The oil-and-gas, basic-materials and financial sectors fared the best, but health-care, consumer-related and telecom shares struggled.

The S&P 500 and the Nasdaq Composite closed at fresh records on Monday as a jump in oil prices to a two-week high lifted Wall Street sentiment. The proposed extension still needs to be confirmed when the 13 members of the Organization of the Petroleum Exporting Countries gather for a closely watched meeting in Vienna on May 25.

Stock markets across Asia-Pacific lacked direction early Tuesday, with gains for regional energy and mining firms thanks to a jump in commodity prices, while Chinese markets again succumbed to selling pressure.