European shares lower as crude hits new low

European shares fell on Tuesday, led by energy companies as Brent oil fell to a fresh 5-1/2-year low on persistent worries about a global supply glut. The STOXX Europe 600 oil & gas index fell 1.6 per cent at 0812 GMT, taking its loss for the year to 15 per cent following a slump in oil prices since June, caused by ample supply at a time of still subdued global demand. Explorers Seadrill and Tullow Oil were down around 3 per cent on concerns oil major would continue to cut spending as crude prices fall. The FTSEurofirst 300 index of pan-European shares was down 0.5 per cent at 1,370.76 points at 0453 GMT, leaving it up 4 per cent for the year in the last full trading day of 2014. British clothing retailer Next, up 3.8 per cent, was the top performer on the FTSEurofirst after it lifted its full-year profit guidance on the back of a 2.9 per cent rise in sales in the run up to Christmas, according to Reuters.