European stocks took a hit, with investors increasing exposure to safe haven bonds as the losses in oil weighed over the “risk-on” sentiment. At the time of writing, the pan European blue chip Stoxx 50 index was down 1.3%. Stoxx 600 was down 0.74%. Germany’s DAX was down 1% and UK’s FTSE was down 0.60%. France’s CAC was down 1% as well. Shares in Norway’s Seadrill were down almost 8%. UK’s Tullow Oil and Norway’s Subsea 7 was down 4.4% and 3.8% respectively. Oil prices took a hit after the data in the US showed inventories at record highs last week. The weakness led to a negative closing on the Wall Street. For more information, read our latest forex news.