European stock markets drop

LONDON, Rabi’II 10, 1437, Jan 20, 2016, SPA — European stocks dropped on Wednesday as a relentless slide in oil prices hit world markets, Reuters reported.

The pan-European FTSEurofirst 300 index fell 2.3 percent to a 13-month low. Britain’s FTSE 100 fell 1.9 percent, Germany’s DAX slid 2.3 percent while France’s CAC retreated by 2.2 percent.

Oil prices lost yet more ground, with U.S. crude dropping towards $27 a barrel, after the International Energy Agency, which advises industrialised countries on energy policy, warned that oil markets could “drown in oversupply” in 2016.

Shares of European oil and energy companies were among the worst performers, with Norwegian offshore driller Seadrill slumping 11.6 percent while Tullow Oil fell 6.7 percent.

11:27 LOCAL TIME 08:27 GMT