European Shares Fall For The Third Day as Oil Prices Rise

European shares fell on Wednesday as commodity prices surged, fueling inflation fears when sanctions against Russia after its invasion of Ukraine took a toll on sentiment.

The pan-European Stoxx 600 index was down 0.5%, declining for the third consecutive session.

The European oil and gas index jumped 1.6 percent, supported by a 7 percent increase in crude prices, and Brent crude exceeded $110 a barrel for the first time since 2014.

The mining sector index rose 1.5 percent, with the increase in the prices of metals, including nickel and aluminum, on growing fears of supply disruptions.

The auto sector was the most declining, with its index down 3.3 percent.

The eurozone banks index fell 2.2 percent, to its lowest level in ten months, as bets that the European Central Bank would raise interest rates waned.

For individual stocks, Ericsson fell 11.5 percent after the large Swedish telecoms equipment company said it had been told that the information it provided to the US State Department regarding an internal investigation related to its activities in Iraq was insufficient.