European shares dipped on Monday, led lower by oil stocks which tracked falling crude prices as expectations of an imminent U.S.-led strike on Syria faded.
Europian giants Royal Dutch Shell, Total and Repsol fell 0.6 to 1.3 percent each, while Brent crude was down $2 a barrel to just above $114 after U.S. Secretary of State John Kerry said Syria could avoid a strike by turning over chemical weapons within a week.
In the same sector, BG was the biggest loser among European blue chips, tumbling 5.1 percent after slashing its production outlook for the third time in a year, citing delays in getting new projects under way in Egypt and Norway.
The FTS Eurofirst 300 indexes of top European shares ended 0.2 percent lower at 1,228.07 points, retreating from a 3-1/2 week high hit on Friday. The euro zone’s blue-chip Euro STOXX 50 index lost 0.2 percent to 2,798.31 points.
Oil stocks have outperformed the market since mid-August, but fading expectations of military action against the Syrian government prompted investors to cash in profits.