European stocks fell on Wednesday as investors watched the new rally in oil prices at their highest level since 2013 amid the worst geopolitical crisis in decades in Europe since Russia invaded Ukraine.
The oil price rally does not seem to be losing momentum despite yesterday the announcement of the International Energy Agency that the US and other major countries have agreed to release about 60 million barrels from their strategic reserves. Brent climbs to $ 112 a barrel as investors await OPEC + decisions after the cartel meeting later today.
Meanwhile, the war in Ukraine continues with great intensity, leaving little hope that the two sides will be able to return to the negotiating table. Ukrainian President Volodymyr Zelensky said yesterday that Russia should stop bombing Ukrainian cities in order to start a meaningful dialogue.
On the board, the pan-European STOXX 600 index fell 0.4% to 440.48 points.
The German DAX index fell 0.75% to 13,800.76 points, the French CAC 40 fell 0.6% to 6,358.90 points, while the British FTSE 100 strengthened 0.5% to 7,361.69 points .
In the periphery, the Italian FTSE MIB lost 0.9%, while the Spanish IBEX 35 fell 0.6%.
Source: Capital
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