European shares led lower by oil stocks as Doha deal fails
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By Danilo Masoni and Alistair Smout
MILAN/LONDON, April 18 (Reuters) - European shares fell on Monday, with oil stocks leading the market lower as crude prices tumbled after a meeting by major exporters in Doha collapsed without a deal to freeze output.
The STOXX Europe Oil and Gas index slipped 1.4 percent, making it the top sectoral loser. Shares in Royal Dutch Shell, Total and Eni were all down nearly 2 percent.
A deal to freeze oil output by OPEC and non-OPEC producers fell apart on Sunday after Saudi Arabia demanded that Iran join in despite calls on Riyadh to save the agreement and help prop up crude prices.
"The effects of the Doha talks failure on oil prices and (most of all) on other asset classes are going to be the main focus of today's session," Alessandro Balsotti, portfolio manager at JCI Capital Limited, said in a note. Continuación...