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Euro Stocks Fall on Oil Output News

As the Dow Jones Industrial Average continues its rise above the 12000 mark, oil prices fell for a second day this week as energy shares declined combined with the apparent dropping of tensions regarding Iran`s nuclear ambitions. The drop in energy shares resulted in an overall drop in European stock exchanges. For example, the Dow Jones Stoxx 600 Index in London was 0.1 lower, at 353.14 (as of press time) compared with the previous week`s trading.

The Euro Stoxx 50, which is basically a measure of the economies and stock indexes of countries using the single euro monetary unit currency, was down by 0.2 percent in early trading on Monday. Crude oil prices were down in New York with speculation that OPEC, the Organization of Petroleum Exporting Countries, would not curtail the group`s petrol output as was previously predicted. The delivery price for the upcoming month of December fell by $1.07 to $58.26 a barrel - a far cry of the over $70 price-per-barrel highs of the late summer.

Deutsche Lufthansa AG, Europe`s second-biggest European air carrier, led what advances there were in European markets with a 2 percent gain. However, reflecting the OPEC announcement and the fall in energy shares, Royal Dutch Shell and Total SA led the early-trading downfall. Shell, which is Europe`s second-biggest oil company, was down 0.6 percent as of press time on Monday, while Total SA was down 0.7 percent at early trading hours.