European shares fell on Wednesday maintaining a gloomy trend set in Asia and the United States, and with concerns about a global glut of oil looming over the market.
Mixed results from the continent’s banking sector and losses in the mining sector pushed the pan-European STOXX 600 index down 0.6 percent.
The losses came after oil prices fell more than 1 percent on Wednesday as a report showing a surge in U.S. crude stocks, rising production in Nigeria and squabbling among producers about a planned output cut re-ignited concerns about oversupply.
Brent crude futures were down 51 cents at one stage at $50.28 a barrel before recovering slightly to $50.40.
“The recent drop in oil prices is partially responsible but also indices continue to struggle for momentum as they attempt to break above their recent highs,” said Craig Erlam, senior market analyst at OANDA.
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