Tumbling energy shares halt European stocks' five-day rally

viernes 28 de noviembre de 2014 11:02 GYT
 

* FTSEurofirst 300 down 0.3 pct

* STOXX Europe energy sector index falls 3.5 pct

* Drop in oil prices seen weighing on euro zone inflation

* Shares in airlines surge; Air France up 5.8 pct

By Francesco Canepa and Blaise Robinson

LONDON/PARIS, Nov 28 (Reuters) - European shares snapped a five-day winning streak on Friday, weighed down by steep falls in energy shares as oil prices hit four-year lows on fears about oversupply.

Oil companies such as Statoil and Galp Energia and explorer Premier Oil fell by between 5.7 percent and 15 percent after Brent slipped below $72 following OPEC's decision on Thursday not to cut output, a move investors said would leave oil markets heavily oversupplied.

A number of oil services firms including Norway's Seadrill , down 5.7 percent on Friday, have been forced to scrap their dividends as the sector struggles with the drop in crude prices, which is prompting oil majors to accelerate cost-cutting efforts.

The European oil and gas sector was down 3.5 percent. It has now lost $240 billion in market value since late June, more than the entire market value of Shell, Europe's biggest oil major, Thomson Reuters data shows.   Continuación...