The Business Times

Europe: Oil majors drag shares lower, Siemens Energy tumbles

Published Thu, Jul 15, 2021 · 03:43 PM

[BENGALURU] European stocks fell for a second straight session on Thursday, as oil stocks slid on lower crude prices, while wind energy companies tumbled after Siemens Energy's downbeat margin outlook.

The pan-European Stoxx 600 index slipped 0.4 per cent by 7.19am GMT, with the oil and gas sector falling 3.3 per cent.

UK-listed oil majors Royal Dutch Shell and BP fell almost 3 per cent, as crude prices fell on expectations of more supplies after a compromise between top Opec producers.

Siemens Energy dropped 11 per cent after it scrapped its margin target as wind power division Siemens Gamesa was hit by higher-than-expected raw material and product ramp-up costs.

Siemens Gamesa fell 16 per cent, while shares in wind turbine maker Vestas slid 6.9 per cent.

REUTERS

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