European equities steady as weaker oil shares offset chemicals
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* STOXX Europe 600 index steadies
* Energy shares tracker weaker oil
* Bayer supports chemicals stocks
By Atul Prakash
LONDON, Sept 20 (Reuters) - European shares steadied on Tuesday after strong gains in the previous session, with a rally in chemical stocks offsetting weaker energy shares that fell on the back of lower oil prices.
The STOXX Europe 600 Oil and Gas index dropped 0.8 percent, the worst sector performer, as oil prices fell after Venezuela said that global supplies needed to fall by 10 percent in order to bring production down to consumption levels.
Henry Croft, analyst at Accendo Markets, said that a swift retrace in oil prices was hampering sentiment.
"The credibility of bullish production freeze rhetoric from Venezuela is understandably being questioned in the run-up to next week's Algiers meeting, while worries about additional supply worsening the global glut add to the mix," Croft added. Continuación...