6:30AM European markets were lower in morning trade due to oil prices rise.
European markets traded lower in morning sessions on Monday. The FTSE 100 declined 1% at 5,832.1, the Xetra Dax in Frankfurt slipped 1.5% to 5,635.12 and the CAC-40 in Paris was off 1.5% to 4,962.57. BP’s Alaskan closure cut output down by 400,000 barrels a day, 8% of US production, and pushed the price of crude oil back up above $76 a barrel. But despite the surging oil price, the sector was weaker. BP fell 1.8%.

Other oil producers also fell. OMV of Austria shed 0.8% and ENI of Italy sank 0.6%, Statoil of Norway bucked the downward trend gaining 0.6% as well as Neste Oil of Finland adding 0.3%. Low-cost airline EasyJet announced full-year revenues and costs would be slightly higher than expected but maintained its guidance for a 40-50 per cent rise in annual earnings. The company fell 1.2%.

Among insurance companies, Swiss Re was reported to be considering a bid for Scottish Widows, the insurance arm of Lloyds TSB. Swiss Re said it had no comment on the report. Lloyds TSB also declined to comment. LTSB fell 0.8% and Swiss Re shed 0.8%.

Light, sweet crude oil for September delivery was up $1.23 to $75.99 a barrel, while gold dealers in London fixed a recommended price of $647.25 bid per troy ounce at midmorning, down from $648.50 on Friday. The U.S. dollar was higher against most other major currencies in European trading Monday. The euro was quoted at $1.2856, down from $1.2875 late Friday in New York. The British pound bought $1.9058, down from $1.9082, while the greenback purchased 114.94 Japanese yen, up from 114.39.