FRANKFURT/PARIS/LONDON (dpa-AFX) - Europe's major stock markets recovered from their daily lows on Monday as oil prices retreated. By the afternoon, the Dax narrowed its losses to 23,423 points, representing a 0.7 percent decline compared to Friday's close. At one point, the German benchmark index had slumped below 23,000 points, hitting its lowest level since November 21.
The EuroStoxx 50 pared its losses to 0.7 percent, reaching 5,680 points. In London, the FTSE 100 recovered to a 0.5 percent deficit, standing at 10,233 points.
On Monday night, Brent crude prices had surged to nearly 120 US dollars, triggering a sell-off across equity markets. Asian markets were particularly hard hit. Investors are concerned that inflation will rise and economic growth will suffer if oil prices remain at such elevated levels for an extended period.
Most recently, a barrel of Brent crude was trading back around 98 dollars. While this remains higher than Friday's levels, it is significantly lower than the peak seen on Monday night. G7 finance ministers emphasized that strategic oil reserves could be tapped in response to high oil prices./ck/mis
