European stock markets fell in the course of trading on Tuesday, as the banking sector was again under pressure after a short growth and oil stocks retreated from earlier highs due to the disappointing agreement aimed at combating the global oil market glut.
The pan-European FTSEurofirst index of 300 fell 0.25 % to 1264.38, turning down after the initial wins and 6 % rise over the past two trading sessions.
The Eurozone Euro STOXX 50 lost 0.53 %.
Oil Ministers of Saudi Arabia, Venezuela and Qatar, and Russian Energy Minister, Alexander Novak, on Tuesday agreed to freeze production of oil at the level of January 2016, in the event that it will help other producers of raw materials, said the Ministers after Doha meeting.
Shares of oil companies have moved away from their maximum values, but still are traded in positive territory. Papers of BP and Total rose 1.8 and 1.07 % respectively, while the price of Eni shares fell 0.5 %.
The greatest losses in the European stock exchanges suffered the banking sector led by Standard Chartered (L: STAN), whose shares fell 5.7 %. Shares of Commerzbank and Deutsche Bank (DE: DBKGn) lost more than 1.5 % of their value.
FTSEurofirst index fell 11 % since the beginning of 2016 amid worries about slowing global growth and the health of the European banking sector.
Shares of Vodafone (L: VOD) fell 0.28 % due to the fact that the British mobile operator agreed with the service provider of cable television Liberty Global (O: LBTYA) about a merger activity in the Netherlands.
The cost of securities of the French Orange rose 0.78 %, as the telecommunications company returned to growth in operating income a year earlier than planned.