European markets are expected to open in positive territory on Wednesday, amid light trade across markets worldwide due to the holiday period.

The U.K.’s FTSE 100 is expected to open 9 points higher at 7,605, while the German DAX is set to open 17 points up at 13,088 and the French CAC is seen up 5 points at 5,372, according to IG.

Trade is expected to be lighter than usual on Wednesday, as markets across the globe open back up after the Christmas holiday break. European trade is expected to be influenced somewhat by the moves in Asia, with trade in Asian-Pacific markets posting minor gains during the day’s session.

In commodity markets, oil prices were in focus after crude futures hit a two year-plus high in the last 24 hours. Prices however came off their highs before the European open, as a gradual resumption of flows through a major pipeline in the North Sea, helped counteract the supply disruption seen in Libya, Reuters reported.

Looking to global politics, the U.S. sanctioned two top officials from North Korea on Tuesday, involved in the state’s ballistic missile development programs. These sanctions come just days after a United Nations Security Council resolution which imposed harsh restrictions on the country, following its missile test in late November.

In individual stocks news, a Russian court approved a settlement between Russia’s Rosneft and Sistema on Tuesday, ending the pair’s dispute over the Bashneft oil firm, RIA news agency reported.

No major data or earnings are expected to be released Wednesday.