Business

European stocks close day in red as oil prices hit new high

Germany’s DAX performs worst, shedding 1.98%

European stock exchanges closed Monday with losses amid surging oil prices and rising risks surrounding the Russian war on Ukraine.

Since the launch 12 days ago of the war, international benchmark Brent crude oil posted a 33.2% increase to $130.71 per barrel from around $98 a barrel on Feb. 24 – a record high since July 2008.

Concerns of a possible embargo on Russian oil, which if imposed would limit global supply in an already tight and volatile market, are triggering higher oil prices.

The STOXX Europe 600, which includes around 90% of the market capitalization of the European market in 17 countries, slipped 15.58 points, or 1.10%, to 417.14.

London’s FTSE 100 lost 27.7 points, or 0.40%, to finish at 6,959.

Germany’s DAX 30 was the worst performer on Monday, falling 259.9 points or 1.98%,to end the day at 12,834, while France’s CAC 40 was down 79.39 points, or 1.31%, to 5,982.

Italy’s FTSE MIB dropped 304.6 points, or 1.36%, to close at 22,160.

Spain’s IBEX 35 fell 76.3 points, or 0.99%, to 7,644.

Source
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