Europe ends day lower as oil extends gains
European markets closed in the red on Thursday as crude extended gains after the Organization of the Petroleum Exporting Countries (OPEC) member states agreed to cut cut oil production. Sterling slowed gains against the dollar from earlier in the session after the release of positive manufacturing data from the United States.
The FTSE 100 declined 0.49%. Largest losses were recorded in the consumer goods sector.
The DAX plunged 1.00%. Vonovia was the worst performer as its shares slid 3.27%.
The CAC 40 closed 0.39% lower. Nokia fell 1.60% after it was announced the company will launch Android powered smartphones in 2017.
The pound recorded significant gains today after Brexit Secretary David Davis said the U.K. will consider making contributions to the European Union after it leaves the bloc in order to retain access to the single market. After hitting a session high of 1.2698, sterling rose 0.53% against the dollar to go for 1.2573 at 5:31 p.m. CET. The pound increased 0.20% compared to the euro to sell for 1.1828 and it traded 0.50% higher against the yen to change hands for 143.805 at 5:32 p.m. CET.
Brent crude for February delivery soared 5.28% to sell for $54.22 per barrel at 5:28 p.m. CET and WTI for January surged 5.03% to go for $51.53 per barrel at 5:29 p.m. CET.