European stocks wobbly after oil pared gains

By FXStreet Major stock markets across Europe surrendered gains and are now battling with bears to avoid sharp losses.

At the time of writing, Germany’s DAX was down 0.60%. UK’s FTSE index was up 0.17% and France’s CAC was largely unchanged in the day. Stoxx 50 index was down 0.45%.

Stocks had begun the day on a positive note, tracking the 6% rise in oil prices. Both oil benchmarks were up in early Europe as the world’s biggest oil producers including Saudi Arabia and several key OPEC members met in Doha.

The meeting concluded with Saudi and Qatar agreeing on production freeze at January levels. However, the agreement would come into force only if other major nations – Iran agree to follow.

Oil thus pared gains to trade with 2% gain. The drop from 6% gain was enough to push the European stocks into the red.
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Source:: FX Street