London's FTSE 100 and the German DAX are both seen 15 points higher at 6,843 and 10,510 respectively, while the French CAC is expected to open 13 points higher 4,403.
Fed Chair Janet Yellen will give a speech at the Federal Reserve Bank of Kansas City's annual Monetary Policy Symposium at Jackson Hole, Wyoming on Friday. Traders are hoping this will give clues on the timing of a U.S. rate hike.
The oil price slide is also likely to act as a brake on European equities. Both Brent and U.S. crude were sharply lower in Asian trade. Goldman Sachs said in a note early Tuesday morning that "the oil price and fundamental recovery remains fragile", reiterating its $45 - $50 per barrel Brent crude forecast through next summer.
Markets were also hoping that an informal meeting of OPEC members on the sidelines of an energy conference in Algeria next month could see production freezes or cuts. But the fall in oil prices suggest optimism around such an action has faded.
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