European stocks suffer from Saudi attacks, but oil firms soar
European shares fell on Monday after four straight sessions of gains as attacks on crude facilities in Saudi Arabia and weak Chinese data added to worries over global growth while boosting shares in unaffected oil producers.
The drone attacks on the weekend, which cut more than 5 per cent of the global oil supply, sent crude prices soaring as much as 19 per cent and pushed the oil & gas index 2.4 per cent higher, driving roughly 3 per cent gains for majors BP and Shell.
UK and Irish-based explorer Tullow Oil jumped 7 per cent, to the top of Europe’s STOXX 600, after the firm said it plans to drill three or more exploration wells in Guyana next year following its second oil discovery in the country.
