European stocks close: stocks closed lower as oil prices continued to decline on concerns over global oil oversupply

Stock indices closed lower as oil prices continued to decline on concerns over global oil oversupply.

Market participants are awaiting the release of the Fed's monetary policy meeting results on Wednesday. Analysts expect the Fed to raise its interest rate.

The European Central Bank (ECB) President Mario Draghi said in a speech on Monday that inflation in the Eurozone will reach 2% target "without undue delay". Draghi added that there are no restrictions in usage of tolls to boost inflation toward 2% target. The ECB president pointed out that the central bank is ready to add further stimulus measures to reach 2% inflation target if needed.

Meanwhile, the economic data from Eurozone was positive. Eurostat released its industrial production data for the Eurozone on Monday. Industrial production in the Eurozone rose 0.6% in October, exceeding expectations for a 0.3% increase, after a 0.3% fall in September.

The increase was driven by rises in durable consumer goods, non-durable consumer goods, energy and capital output. Durable consumer goods output jumped 1.8% in October, non-durable consumer goods were up 0.4%, capital goods output climbed 1.4%, while energy output rose 0.6%.

Intermediate goods output declined 0.1% in October.

On a yearly basis, Eurozone's industrial production gained 1.9% in October, exceeding expectations for a 1.3% rise, after a 1.3% increase in September. September's figure was revised down from a 1.7% gain.

The increase was mainly driven by rises in durable consumer goods, intermediate goods output and capital goods. Durable consumer goods climbed by 4.2% in October from a year ago, capital goods rose by 3.5%, while intermediate goods output increased by 1.5%.

Energy output was up by 0.2% in October from a year ago, while non-durable consumer goods gained by 0.7%.

According to property tracking website Rightmove, U.K. house prices declined 1.1% in December, after a 1.3% drop in November. The latest decline was the smallest fall since 2006.

The decline was mainly driven by falls in prices in the East of England, the South West, Wales, the East Midlands and the North East.

Indexes on the close:

Name Price Change Change %

FTSE 100 5,874.06 -78.72 -1.32 %

DAX 10,139.34 -200.72 -1.94 %

CAC 40 4,473.07 -76.49 -1.68 %