European stocks extend last week drop driven by miners, energy

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European stocks closed lower Monday, swaying between small gains and losses and tracking moves in the U.S. dollar and oil prices.

The Stoxx Europe 600 finished down a narrow 0.3% at 340.82.

In the commodities space, mining shares were hurt, with Sweden’s Boliden AB losing 5% and platinum producer Anglo American off 1.1%. Industrial miner ArcelorMittal SA gave up 4%.

Oil prices traded higher after showing choppy action earlier, with pressure coming after data on Friday showed the first increase in the number of active U.S. oil-drilling rigs in 13 weeks.

Shares of oil producer Tullow Oil PLC closed down 1.4% and oil-field services provider Seadrill Ltd. shed 6.3%.

Elsewhere in the European market, Telecom Italia SpA shares climbed 3.1% after the company said it is set to part ways from Chief Executive Marco Patuano. That follows clashes over strategy after France’s Vivendi SA took a near 25% stake last year.

Indexes: Germany’s DAX 30 closed down less than 0.1% at 9,948.64. France’s CAC 40 shed 0.8% to 4,427.80, while the U.K’s FTSE 100 finished 0.1% lower at 6,148.58.

Source: Marketwatch