Europe under pressure as commodities waver; LSE 16% up – CNBC

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Lower oil prices — which have been at the forefront of investors’ minds this year — had set the tone for the day. Despite earlier gains, crude prices came under pressure during Europe’s session as doubts circulated as to whether a potential production freeze would really have an impact on the supply glut.

No cut in production is expected from the 12-member oil producer group OPEC, a factor that will keep supply robust. OPEC Secretary General Abdalla Salem El-Badri told CNBC on Monday that oil producers are still “feeling the water” over a possible deal to freeze production, and it is “wait and see” as to whether it leads to any other type of deal.

International benchmark Brent crude slipped over 1 percent, trading above $34 a barrel in afternoon trade, while U.S. crude slumped 2 percent to $32.75. Stocks however remained mixed, with Tullow Oil up over 2 percent, while BP and Royal Dutch Shell were lower as commodity prices weighed.

Overseas, U.S. markets were trading slightly lower as oil prices continued to dominate sentiment, while Asia’s major indexes finished in the red.

Europe under pressure as commodities waver; LSE 16% up – CNBC