U.K. stocks fell sharply on Monday after OPEC and other producers cut production amid a falling global crude price.
The Dow Jones Industrial Average lost nearly 13 percent, the S&P 500 lost 2.7 percent and the Nasdaq Composite fell 2.4 percent.
The broad S&P 500 index .SPX fell 0.4% and the Russell 2000 index .RUS lost 0.3%.
The selloff was the biggest since early August, when the price of a barrel of Brent crude fell more than 60 percent from its peak in June.
Oil prices rose for a second straight session to a record $52.07 per barrel, their highest level in more than a year.
The U.N. oil ministers meeting on Monday will discuss whether to continue to limit production in response to falling oil prices.
OPEC and others are trying to revive output, but they are unlikely to go as far as they did earlier this year, when prices soared to more than $100 per barrel.
On Tuesday, the U.A.E. said it would cut production for the first time in more two years, which would bring the total to about 20 million barrels per day (bpd).
The European Union, which relies on exports for much of its revenue, said it planned to raise its output target to 2 million bpd from 1 million bPD.
The bloc, which has been in a slump since the global financial crisis, has had to cut production by as much as 60 percent, or about $1 trillion.
The European Central Bank said its benchmark repo rate for long-term Treasuries would rise to 2 percent from 1.8 percent.
The benchmark yield on the 10-year U.C.M.
E 100 benchmark jumped to 1.721 percent from a low of 1.705 percent on Monday.
It is now at its highest since early April.