Europe slides 2.3% at close as oil falls; miners tank 6.5% – CNBC

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Oil prices continued to send markets on a roller coaster, after hopes of an oil production cut were dashed on Tuesday when Saudi Arabia’s oil minister, Ali bin Ibrahim AlNaimi signaled no cuts would happen to tackle the global supply glut.

U.S. crude fell as much as 5 percent on Tuesday after the remarks. On Wednesday, U.S. crude pared slightly, last trading some 3 percent down, at $31, after the Energy Information Administration announced that crude inventories showed a much smaller build, than a previous industry report suggested.

International benchmark Brent crude was also in the red, standing around $33 a barrel at Europe’s close. This sell-off caused oil stocks to tumble, with Tullow Oil off over 6 percent and Seadrill down 7.6 percent.

One bright spark in the sector was oilfield services firm Petrofac, who announced on Wednesday that its full-year revenue had risen by 10 percent. Shares shot up 4.8 percent, making it one of Europe’s top performer.

Europe slides 2.3% at close as oil falls; miners tank 6.5% – CNBC