FXStreet (Mumbai) - The stock markets across Europe are trading in red after the Chinese stocks closed over 6% lower and oil fell below USD 30/barrel. At the time of writing, the pan-European Euro Stoxx 50 index was down 1.2%. Germany’s DAX was down 1.2%, while France’s CAC was down 1.4%. The mining heavy UK’s FTSE was down 1.3%. The broader Stoxx 600 was down 1.8%. Once again, energy shares were top losers across Europe. Norway’s Seadrill and Subsea were down 7% and 5.5% respectively. In London, Petrofac and Weir Group were down 5% and 4.6%. German carmakers Daimler and BMW were in the red while luxury stocks including Richemont and LVMH were sharply lower. US crude fell below USD 30/barrel after sliding as much as 7 percent on Monday. The oversupply concerns were back after Iraqi official may raise output even further this year. For more information, read our latest forex news.