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European equities fall as crude hits new low

London - European shares fell on Tuesday, led by energy companies as Brent oil fell to a fresh five-and-a-half year low on persistent worries about a global supply glut.

The STOXX Europe 600 oil & gas index fell 1.6% at 08:12 GMT, taking its loss for the year to 15% 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% on concerns oil major would continue to cut spending as crude prices fall.

Risk appetite was also hit by uncertainty surrounding Greece, which is heading to a January election that the leftist anti-bailout Syriza party is tipped to win.

Greek shares were flat after falling nearly 4% on Monday, when the parliament in Athens failed to elect a head of state, triggering the early vote.

The FTSEurofirst 300 index of pan-European shares was down 0.5% at 1 370.76 points at 04:53 GMT, leaving it up 4% for the year in the last full trading day of 2014.

"Given the fact that we had such an aggressive run up, certainty in the week before Christmas, people are quite happy to take stuff off the table," Giles Watts, head of equities at City Index, said.

British clothing retailer Next, up 3.8%, was the top performer on the FTSEurofirst after it lifted its full-year profit guidance on the back of a 2.9% rise in sales in the run up to Christmas.

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