European stocks drop after tech reboot fails

Oil prices plunged on Friday on concerns about oversupply, sending world stock markets lower as lagging energy shares weighed down Wall Street. Both Brent and U.S. crude fell to their lowest levels since October 2017 and were on course for their biggest one-month decline since late 2014. Although the Organization of the Petroleum Exporting Countries is expected to curb output, rising U.S. oil supply has fueled persistent concerns about a global surplus. Europe’s share markets dropped back into the red on Thursday as investor worries mounted about slowing global growth in the face of rising U.S. interest rates and trade tensions.Chinese markets extended their slump in Asia amid the trade war with the United States, and with Wall Street closed later for Thanksgiving, Europe followed suit.The region had plenty of concerns of its own. Italy was under pressure in both stock (EU) and bond markets [GVD/EUR] as sparring resumed over its budget plans. Some disappointing big-name earnings added to the gloom.The dollar also edged lower for a second day as traders sold the greenback going into Thanksgiving and after Wall Street had seen Apple shares (NASDAQ:AAPL) buckle again after a failed attempt at a rebound. [.N][/FRX]"I think that the recent moves in equities have largely been about big tech catching up with the rest of the market," said Eoin Murray, the head of investment at Hermes Investment Management."Post the (global market) wobbles at the end of January, it has really only been big tech that has run off into the stratosphere So this is simply big tech coming back down to earth. “Europe’s tech sector lost another 1.2 percent, but it wasn't the worst performer. Banks were 1.6 percent weaker and mining companies and other resources firms were down nearly 2 percent and approaching a one-month low. (EU)That reflected the bitter Sino-U.S. trade war, encouraging investors to take money off the table before U.S.