European shares resume slide as energy stocks hurt by oil slump

miércoles 10 de diciembre de 2014 12:16 GYT

* FTSEurofirst 300 down 0.5 pct, adding to sharp 2-day drop

* $280 bln in market value of oil shares wiped off since June

* Greek shares extend sell-off on political uncertainty

By Blaise Robinson and Sudip Kar-Gupta

PARIS/LONDON, Dec 10 (Reuters) - European stocks fell for a third session in a row on Wednesday, as a further drop in crude prices knocked down the shares of oil majors and oil services groups such as Royal Dutch Shell and Fugro.

Elsewhere, shares in Airbus plunged 10 percent after the aircraft manufacturing group's new profit outlook disappointed investors, while in Greece the stock market extended losses on mounting worries about the political situation.

Shares in Shell dropped 1.7 percent and Fugro tumbled 12 percent as Brent crude oil slipped below $65 a barrel, hitting a five-year low on rising concerns over demand.

In a monthly report, the Organization of the Petroleum Exporting Countries (OPEC) forecast demand for the group's oil will drop to 28.92 million barrels per day (bpd) in 2015, down 280,000 bpd from its previous expectation.

"Crude oil is under punishment today once again on the back of the OPEC news. OPEC has cut its demand forecast for next year and this has unbalanced the demand and supply equation further and traders are not liking the sound of this at all," said Naeem Aslam, chief market analyst at AvaTrade.   Continuación...