European markets opened lower on Tuesday morning, as investors monitored key political and economic risks while oil prices hovered close to multi-year highs.

The pan-European Stoxx 600 was down around 0.2 percent shortly after the opening bell, with most sectors and major bourses in negative territory.

In Asia, equities dipped as investors looked ahead to the second round of trade talks between the U.S. and China later this week. MSCI's broadest index of Asia-Pacific shares, excluding Japan, was down around 0.65 percent on Tuesday.

Meanwhile, oil prices extended recent gains after OPEC reported that the global oil glut had virtually been eliminated. Crude futures remained close to highs not seen since late 2014 amid tensions in the Middle East and uncertainty about output from Iran.

Back in Europe, ThyssenKrupp and easyJet were among the major companies set to release their latest figures on Tuesday morning.

On the data front, French inflation data for April and the second estimate of gross domestic product (GDP) data for the euro area over the first three months of the year were both scheduled to be published on Tuesday morning.