European shares fall after oil output deal disappoints
* FTSEurofirst 300 falls 0.6 pct after 2 positive sessions
* Shares of oil companies come off highs after oil deal
* Banks under pressure as JP Morgan suggest not to buy (Adds details, updates prices)
By Danilo Masoni and Sudip Kar-Gupta
MILAN/LONDON, Feb 16 (Reuters) - European shares fell on Tuesday after two sessions of strong gains, with disappointment over a deal to tackle a global oil supply glut weighing on sentiment.
The pan-European FTSEurofirst 300 index fell 0.6 percent by 1454 GMT, reversing initial gains and following a 6 percent rise made over the last two sessions. Euro zone's blue-chip index Eurostoxx 50 index fell 0.49 percent.
Top oil exporters Russia and Saudi Arabia agreed on Tuesday to freeze output levels, but said the deal was contingent on other producers joining in -- a major sticking point, with Iran absent from the talks and determined to raise production.
"This agreement needs the nod from other OPEC and non-OPEC nations, which seems unlikely," said Stephane Ekolo, Chief European Strategist at Market Securities. "Therefore market participants turned cautious again and risk-off sentiment is back on."
The decision, which pushed crude oil prices down, comes after more than 18 months of declining oil prices in which benchmark crude futures prices have dropped by two-thirds on concerns about oversupply and a slowing global economy. Continuación...