Europe closes lower after US data; oil stocks gain

European equities closed largely lower Friday, as investors reacted to better-than-expected jobs data from the U.S.

The pan-European Euro Stoxx 600 Index closed around 0.9 percent lower, despite a boost after new figures showing the U.S. economy created 280,000 jobs in May. This was better than expected, after a slow start to the year for the country.

London's FTSE 100 index closed provisionally 0.7 percent lower, while the French CAC and Germany's DAX closed around 1.2 percent lower and 1.1 percent lower respectively.

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In Athens, the benchmark stock index closed around 5 percent lower after the Greek government postponed a debt repayment.

Greece had a 300 million euro ($338 million) payment due to the International Monetary Fund on Friday, but informed the fund that it would miss the payment and instead pay at the end of the month, bundling it in with other payments due in June.

Meanwhile, the negotiations between Greece and its international creditors over a reform deal are rumbling on.

Oil stocks were the major outperformer on Friday on the back of a sharp rise in the price of the commodity, which reversed later in the session.

In early afternoon trade, the 12-member OPEC group confirmed it was maintaining its oil production target of 30 million barrels of "black gold" per day.

The oil and gas stock sector in Europe closed up around 0.6 percent, the only major industry to close in positive territory bar basic resources.

U.S. stocks traded narrowly mixed on Friday as investors weighed developments in Greece and the fall in Treasury notes following the strong jobs report.

Vodafone falls 2.4%

Back in Europe, shares of Vodafone closed around 2.4 percent lower after the mobile operator said it was considering an exchange of selected assets with Liberty Global, ending speculation of a possible merger.

UK Oil & Gas Investments shot as much as 7 percent higher during the day's trade, after the group said its site near London's Gatwick Airport has been independently assessed for oil supply.

After the Europe markets close, ratings agency Standard & Poor's announced that it had raised Ireland's sovereign credit rating to A+ from A.

The FTSEurofirst 300 index closed 2.6 percent lower on the week's trade.


A look at the week ahead

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