European shares edge lower, commodity stocks weigh
* FTSEurofirst 300 index down 0.2 pct
* Commodities shares track weaker oil, metals
* UCB, BNP Paribas, Natixis up after results
By Atul Prakash
LONDON, July 31 (Reuters) - European shares fell slightly after hitting a one-week high on Friday, with commodity stocks leading the market lower after prices of crude oil and major industrial metals dropped on supply-demand concerns.
The European oil and gas index fell 1 percent as oil prices fell after producers' cartel OPEC indicated there would be no output cuts despite a huge global oversupply, while the STOXX Europe 600 basic resources index was down 1.8 percent after copper fell on lingering worries about the metals' demand in top consumer China.
"Concerning China, all eyes are on the release of tomorrow's important manufacturing and non-manufacturing PMIs. Further indications that the economy is still not anywhere close to turning the corner could certainly spook Chinese stocks again," Markus Huber, senior analyst at Peregrine & Black, said.
A sharp sell-off in Chinese shares over the past weeks have stoked concerns about a growth slowdown in the world's second-biggest economy.
Shares in BP, Statoil, Anglo American and BHP Billiton fell 1.2 to 2.0 percent. Continuación...