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The European markets are pressured by declining oil prices

European stocks ended the session in the negative zone as oil prices fell and dragged energy-related shares with them.

The oversupply in the global oil market is still hovering over investors causing them to trade cautiously. Even after the Organization of the Petroleum Exporting Countries and other major oil producers have agreed to extend production cut in order to curb the oversupply. All in all, black gold recorded its biggest loss since November.

Brent crude, fell by 6 cents closing at $45.96 a barrel. U.S. crude futures for August lost 3 cents closing at $43.48.

The Stoxx Europe 600 was down by 0.7% closing at 389.21. The index’s oil and gas stocks suffered a blow due the slumping oil prices.

Barclays PLC was also down by 1.9% after the bank’s four former executives were charged with conspiracy to commit fraud in a case related to fundraising in in Qatar.

The Dollar uplifted on Fed Words

The U.S. Dollar Index climbed towards a 3-week peak after official as investors were speculating additional interest rate increases thanks to improved wages which might raise inflation.

In London, the U.S. Dollar was trading at 97.552 recording gains of 0.22% closing at 97.623.

The currency pair GBP/USD was traded lower by 0.38% closing at $1.2698. The EUR/USD was trading at $1.1157, up 0.06% even though earlier in the session the pair had hit a low of $1.11401.

The USD/JPY was trading at 111.54 Yen, down 0.03%.