Europe ends in the red as oil tumbles; earnings eyed – CNBC

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In global markets, Asia came under pressure finishing mixed on Friday, while U.S. markets traded mostly lower as oil continued to capped gains.

Oil prices fell on Friday after supply glut concerns grew, following recent data out from the Energy Information Administration, which showed U.S. crude inventories had risen by 2.1 million barrels last week. These concerns overshadowed earlier gains in the week, which were triggered by hopes of producers freezing output levels.

Brent was off some 3.5 percent, trading around $33.15, while U.S. crude slumped 4.5 percent to $29.54. This put oil and gas stocks under pressure, with Seadrill off 9.7 percent. Sbm Offshore, Tullow Oil and Statoil all closed more than 2 percent down.

Europe ends in the red as oil tumbles; earnings eyed – CNBC