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European Closing Update: Markets Labor Under High Crude Prices

Fears of further rises in crude and fuel protests in the U.K. hurt Europe's markets.
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LONDON -- The specter of a further rises in oil prices took its toll on Europe's stock markets.

The

FTSE 100

closed down 27 points at 6556 as the slide in share prices didn't discriminate between shares considered to be Old Economy and the technology and telecom shares.

Exel

, the industrial logistics group, headed the losers, closing down 70 pence, or 6.5%, at

10.10.

The major oil stocks were also surprisingly subdued, as it is their business that is causing most of the worries.

BP

(BPA)

closed down 6p, or 0.9%, at

665 ($9.31) and

Shell

(SC) - Get Report

was down 8.5p, or 1.4%, at

618.5.

Not even a gain by the heavily-weighted

Vodafone

(VOD) - Get Report

could save the index. It closed up 1.75p, or 0.7%, at

273.

There were also rises in

Glaxo Wellcome

(GLX)

and

Smithkline Beecham

(SBH) - Get Report

following Monday's selloff on the postponement of the closing of their merger on regulatory issues. Glaxo closed up 65p, or 3.4%, at

19.75 and Smithkline ended up 29.5p, or 3.2%, at

893.

Europe's other major stock markets finished Tuesday mixed, as the

CAC 40

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in Paris closed off 22.8, or 0.3%, at 6697.8 and late in the German trading day the

Xetra Dax

in Frankfurt was down 62.8, or 0.9%, at 7151.7. The Neuer Markt's tech-heavy

Nemax 50

index was 61.8 lower, or 1%, at 6103.8.

Continental tech stocks labored most of the session Tuesday, with

Infineon

(IFX)

down 0.75 euros, or 1.1%, at 67.40 ($57.91),

Siemens

(SMWAY)

off 1.57 euros, or 0.9%, at 179.00 and software maker

SAP

(SAP) - Get Report

7.97 euros lower, or 2.8%, at 281.00.

Telecoms were able to eke out modest gains, with

Deutsche Telekom

(DT) - Get Report

up 0.15 euros, or 0.4%, at 42.96,

Telefonica

(TEF) - Get Report

closing up 0.30 euros, or 1.3%, at 24.00 and

France Telecom

(FTE)

ending up 0.10 euros, or 0.1%, at 132.60.

Elsewhere in Paris,

Equant

(ENT) - Get Report

closed down 1.60 euros, or 3.2%, at 48.90 and telecom-equipment maker

Alcatel

(ALA)

dropped 1.05 euros, or 1.2%, to 87.95.