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European Shares Set to Dip as Oil Rises

European stocks were set to dip on Monday, retreating for the third day in a row, as rising oil prices rekindled worries over inflation and corporate costs, while investors braced for results from HSBC and Fortis for insight on the impact of the credit crisis.

Financial bookmakers, or spread betters, in London expected Britain's FTSE 100 index to open between 3 and 5 points lower, the German DAX 12 to 13 points lower, and the French CAC 40 2 to 4 points lower.

Oil rose above $126 a barrel on Monday on supply worries, lifted by concern over Iran's nuclear activities, further violence in OPEC member Nigeria, and a tropical storm that has formed near the Gulf of Mexico.