European shares resume sell-off as energy stocks fall further

martes 6 de enero de 2015 05:01 GYT
 

* FTSEurofirst 300 extend losses after sharp drop on Monday

* Energy stocks fall as oil price hits new lows

* Athens market closed on Tuesday but Greece still a concern

By Sudip Kar-Gupta

LONDON, Jan 6 (Reuters) - European shares resumed their sell-off on Tuesday after a slump in the previous session caused by worries over Greece, with energy stocks declining as the oil price hit new lows.

The pan-European FTSEurofirst 300 index, which had fallen 2.3 percent on Monday, retreated by 0.6 percent while the euro zone's blue-chip Euro STOXX 50 index -- which slumped 3.7 percent on Monday -- also fell by a similar amount.

The STOXX Europe 600 Oil & Gas Index weakened by 1 percent as oil touched new 5-1/2 year lows on Tuesday, following a 5 percent plunge in the previous session as a slew of bearish factors added to supply woes.

"The lower prices could well be driving a lot of oil-producing nations into extremely tough economic times as the current price drops way below the cost price for these countries to actually extract oil from the ground," said Alpari UK chief market analyst James Hughes.

Traders said European markets were also unlikely to make much headway until the political situation in Greece became clearer.   Continuación...