Oil drags down European stocks
Libya has quadrupled output as US supply looks poised to jump
Plunging oil prices dragged down European stocks today. The two worst performing sectors in the EuroStoxx 600 are Basic Resources and Oil and Gas, each down about 2%, with banks down about 0.8%.
The culprit of the day is Libya, which is now pumping 800,000 barrels a day of oil vs. about 200,000 last September. The rising US rig count, meanwhile, portends a steady increase in US supply.