European stocks in a sea of red, oil rout extends

By FXStreet FXStreet (Mumbai) – The stocks on the European bourses joined the Asian sell-off as the oil price slump worsens heading towards the mid-European trades.

Oil prices are trading at their lowest levels since 2003 and remain heavily sold-off into the omnipresent supply glut worries, especially with the Iranian oil flooding the markets now and the outrightly bearish IEA report.

Among the stocks, the energy and mining stocks were heavily battered, with Norwegian offshore driller Seadrill slumping 11.6% while Tullow Oil fell 6.7%. While shares of another oil giant, Royal Dutch Shell, slumped 3.81%.

Germany’s DAX 30 index drowned 3.38% to trade at 9,3541, while the UK’s FTSE 100 index fell 2.93% to 5,707. Among the other indices, the French CAC 40 index lost 3.64% to 4,120, while the pan-European Euro Stoxx 50 index sank 3.35% to 2,878.
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Source:: FX Street