European stock markets were expected to resume their losing streak on Friday, as renewed decline in oil prices hit energy stocks, while political concerns over Greece also peg back equities.

Financial spreadbetters saw Britain’s FTSE 100 opening down by 65-72 points, or 1.0-1.1 per cent lower. Germany’s DAX was expected to open down by 90-101 points, or 0.9-1.0 per cent lower, while France’s CAC 40 was seen falling by 43-47 points, or down by 1.0-1.1 per cent.

“Despite overnight gains in the US and Asia, we are expecting over 1 per cent drops for the major indices on the open,’’ said Capital Spreads dealer Jonathan Sudaria in a note.

Brent crude continued its march downwards on Friday and dropped to a 5-1/2-year low of $63 a barrel, bringing this week’s losses to more than 8 per cent amid persistent concerns over a global supply glut and a bearish demand outlook.

Greek Prime Minister Antonis Samaras had on Thursday warned that the country risked a “catastrophic’’ return to the depths of its debt crisis if his government fell, raising the stakes before a presidential vote this month.

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