European markets opened higher Monday morning as dollar strength took a breather and oil prices jumped.

The pan-European Stoxx 600 started Monday 0.14 percent higher, with most stocks moving north. Basic resources were outperforming their peers, rising more than 1 percent.

Sarkozy bows out

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In France, former President Nikolas Sarkozy conceded defeat in the primaries for the 2017 presidential election. The second round to select the candidate for the ring-wing Les Republicains will be disputed next weekend by Francois Fillon and Alain Juppe.

In Germany, Chancellor Angela Merkel confirmed expectations that she will run for a fourth term in office. Meanwhile, the German economy should slowdown in the last quarter of this year, after a solid performance in the first six months of 2016, the finance ministry said Monday.

In the U.S. President-elect Donald Trump continues looking at potential cabinet members. Mitt Romney, a former critic of Trump's, is reportedly under consideration for secretary of state.

On Monday, President Mario Draghi of the European Central Bank is expected to speak in Strasbourg to members of the European Parliament. In London, Prime Minister Theresa May and opposition leader Jeremy Corbyn will speak at the CBI Annual Conference.

In Asia, markets were trading mostly higher on Monday.

Oil trading higher

Oil was trading higher on Monday morning as OPEC members seemed closer to an output cut deal following comments that Iran might be granted an exemption to a production cut, according to Reuters. OPEC members are due to meet later in the week.