S&P downgrades Europe oil outlook on lower prices

Standard & Poor's has downgraded its outlook for some European oil companies as prices continue their slide.

"The updated assumptions reflect the precipitous declines in futures prices for Brent, the result of a combination of relatively unconstrained supply — notably on the back of sustained oil growth in North America — and weaker demand," according to an S&P press release.

S&P also updated its price assumptions for Brent to $70 billion-$75 billion for 2015-'16, according to the release.

Oil
Vincent Kessler | Reuters

Brent crude prices slid on Monday, settling around $60 per barrel, down around 2 percent.

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S&P lowered ratings on KMG International and Afren while affirming a negative outlook on KazMunayGas. Tullow Oil's outlook was revised to negative from stable.