European shares extend sell-off

European stocks fell for a 3rd session in a row on Wednesday as a further plunge in crude prices knocked down the shares of oil majors and oil services groups such as Royal Dutch Shell and Fugro. Shares in Shell dropped 2.4 per cent and Fugro tumbled 11 per cent as Brent crude oil fell below $65 a barrel. Other oil services companies took a beating, with Saipem and Afren losing 5.2 and 6.9 per cent respectively. Brent has plummeted 44 per cent since June, forcing a number of oil services companies, including Fugro and Seadrill, to scrap dividends as oil majors accelerate cost-cutting efforts. The STOXX oil and gas index, home of bellwethers such as BP, Total and Eni, has tumbled 27 per cent since June. The sell-off has wiped $280 billion off market capitalisation of the sector, nearly the size of Israel's GDP. The FTSEurofirst 300 index of top European shares ended 0.4 per cent lower at 1,357.21 points. The index has tumbled 3.4 per cent so far this week. Greek shares also featured among the top losers. Athens' benchmark ATG share index fell 1 per cent, adding to a 13 per cent slump on Tuesday, according to Reuters.