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Stock markets in Europe started higher on Tuesday, following new record highs on Wall Street and expectations that OPEC members will reach an agreement over an output cut.

The pan-European Stoxx 600 was up by 0.34 percent with most stocks trading green.

Oil prices reached a monthly peak on Tuesday, helping risk assets, despite a tsunami in Japan from a 7.4 magnitude quake. Goldman Sachs said in a note on Monday: "The increased likelihood of an OPEC cut motivates our near-term forecast upgrade. Stronger than expected demand growth and lower production from high-cost countries increase our confidence that the global oil market will shift into deficit by (the second half of 2017) even with OPEC production above current levels."

Energy stocks led the gains on Wall Street Monday, with the three major indexes closing at record highs simultaneously for the first time since this past summer.

In Europe, Prime Minister Theresa May is chairing a cabinet meeting on Tuesday amid reports of divisions surrounding Brexit. In the U.S., President-elect Donald Trump presented on Monday his plans for his first day in office, including withdrawing from a major trade accord with Pacific countries and investigating abuses of work visa programs.

It is a quiet data day on the data front, the U.K. will see the release of the public sector borrowing figures and the CBI industrial orders.