European markets closed lower on Monday as traders digested the U.S. debt ceiling agreement and euro zone inflation data.

The pan-European Stoxx 600 index closed 0.5% lower after muted trading through most of the session.

Oil and gas stocks ended the session 0.27% lower, slipping from gains of 1.1% earlier in the session despite oil prices remaining in positive territory. Saudi Arabia announced voluntary cuts to its output Sunday, starting in July. OPEC+ on Sunday announced it would make no changes to its planned oil production cuts for the rest of the year.

Travel and leisure stocks led sector losses, down by 1.3%, as airline group Air France KLM fell 3.3%.

The Stoxx 600 closed 1.5% higher last week, pulling back from a two-month low Wednesday after U.S. lawmakers passed a bill to raise the debt ceiling and cap government spending.

Source : CNBC