LONDON (The Deal) -- European stocks declined on Friday, ignoring the positive impetus from major Asian markets, as oil prices surged amid escalating violence in Iraq which threatened to disrupt production and erupt into another full-scale war.
Sunni fighters calling themselves Islamic State of Iraq in the Levant, an Al-Qaeda splinter group, advanced both in the north of the country, near the Kurdish-dominated oil producing region, and toward Baghdad in central Iraq. Amid pressure from Republicans in Congress, President Obama said he's looking at all options to help Iraq's Shia government and didn't rule out air strikes.
In London, the FTSE was down 0.45% at 6,812.56. In Frankfurt, the DAX slipped 0.49% to 9,889.90 and in Paris, the CAC 40 fell 0.35% to 4,538.46. Brent crude oil for July settlement was up 0.54% at $113.63 per barrel by mid-morning in London, having risen to nine-month highs on Thursday.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV