Wall Street is getting more bearish on the outlook for oil prices and some strategists see the market many months away from finding a floor.
Oil futures plunged on a surge in supplies of U.S. oil and a record level of gasoline.
European shares closed higher on Tuesday, with revised growth data from the U.S. and record gains on Wall Street boosting sentiment.
Shale oil firms in the U.S. will suffer in the next two years due to the dramatic fall in the price of the commodity, according to Dennis Gartman.
OPEC talked down the oil market, sending crude sharply lower, while warm weather and growing supply battered natural gas prices.
Trying to pick a bottom in energy stocks: is this the time to go long?
European stock markets closed sharply lower on Friday, as commodity prices continued to fall and and shares in oil-related firms tanked.
A continued fall in the price of oil and a rout in Chinese stocks weighed on investor sentiment, with global equities seeing heavy losses.
Oil and gas exploration projects worth more than $150 billion are likely to be put on hold next year as plunging oil prices render them uneconomic.
European shares closed largely flat on Friday, although oil majors fell sharply after OPEC decided not to cut its output target.
European shares closed higher on Thursday, even as a further fall in oil prices led to heavy selling in the energy sector.
Oil production is at the highest in a decade in Nigeria, but the surge is not likely to last long.
European stock indexes accelerated losses to close lower on Tuesday, after seesawing during the trading session.
The oil price plunge has not pushed energy shares to new lows, as much of the damage "has already been done" according to asset managers.
Oil companies are shying away from commenting on outlook as crude oil falls to multi-year lows; however, analysts are slashing estimates.
European shares closed marginally higher on Wednesday, after a bumpy day of trading, as investors looked ahead to the Fed's policy statement.
Sanofi shares tumbled up to 6.2 percent on Wednesday after the French drugmaker's board said it was ousting chief executive, Chris Viehbacher.
Total warned that sliding oil prices had hit its third-quarter results and could weigh for the rest of 2014.
Oil prices rose on news Saudi Arabia cut its supply to the market in September and on strong economic data from Europe and China.
Russian prosecutors detain four more Moscow airport workers over a plane crash which killed the CEO of oil company Total.