European stocks ease-off 3-week highs as Oil slides

FXStreet (Mumbai) – The European stocks retreated from three-week highs and slipped back in the negative territory, with oil prices resuming its broader downtrend amid persisting oversupply woes and weaker demand prospects.

The region’s indices are extending their worst drop seen in December since 2002 on the final full trading day of 2015.

Most major European markets, including Germany, Switzerland and Italy will be closed tomorrow for New Year’s Eve, while the US counterpart will have shorter trading hours.

Germany’s DAX 30 index drops -0.60% to 10,797, and remains poised to end 2015 +10% higher than the previous. Among other European indices, the French CAC 40 index loses -0.36% to 4,683, while the pan-European Euro Stoxx 50 index falls -0.18% to 3,300.

The European stocks retreated from three-week highs and slipped back in the negative territory, with oil prices resuming its broader downtrend amid persisting oversupply woes and weaker demand prospects.

(Market News Provided by FXstreet)