3 months ago
Stock Market

MarketPulse Europe: Oil&Gas Stocks Tumble as Crude Hits 14-Month Lows

Investing.com - Shares of European oil and gas companies were under pressure on Tuesday, as a sharp drop in global

Investing.com - Shares of European oil and gas companies were under pressure on Tuesday, as a sharp drop in global crude prices spooked investors.

The pan-European Stoxx 600 Oil & Gas Index (SXEP) was down 1.6% by 6:40AM ET (11:40 GMT), hitting the lowest level since April 4.

Oil prices plunged around 3% to a more than one-year low amid indications of swelling inventories due to record U.S. and Russian output.

Worries that the ongoing U.S.-China trade dispute will drag on global growth and, by extension, erode energy demand also weighed.

Total SA (PA:TOTF) and BP (LON:BP) both fell around 2%.

Royal Dutch Shell (LON:RDSa) saw shares drop 1.7%, also pressured by news the oil major is in talks to buy Endeavor Energy Resources for around $8 billion.

Meanwhile, Subsea 7 SA (OL:SUBC), Aker ASA (OL:AKER) and Lundin Petroleum AB (ST:LUPE) were the worst sectoral performers, all sliding more than 5%.

-- Reuters contributed to this report