European stocks close: stocks closed lower despite the rebound in oil prices

Stock indices closed lower despite the rebound in oil prices on the U.S. crude oil inventories data. The U.S. Energy Information Administration (EIA) released its crude oil inventories data on Wednesday. U.S. crude inventories dropped by 3.57 million barrels to 485.9 million in the week to December 04. It was the first decline since September. Analysts had expected U.S. crude oil inventories to remain unchanged.

The European Central Bank (ECB) Governing Council member Ewald Nowotny said in Vienna on Wednesday that it was the right decision to add further stimulus measures, saying that the economic development was still weak and inflation remains well below 2% target.

Nowotny pointed out that it is analysts fault for market disappointment after the release of the ECB's monetary policy decision.

Meanwhile, the economic data from Germany was weaker than in the previous period. Destatis released its trade data for Germany on Wednesday. Germany's seasonally adjusted trade surplus increased to €20.8 billion in October from 19.2 in September.

Exports fell at a seasonally and calendar-adjusted 1.2% in October, while imports dropped 3.4%.

On a yearly basis, German exports increased 3.3% in October, while imports rose by 3.0%.

Germany's current account surplus was at €23.0 billion in October, down from €25.0 billion in September. September's figure was revised down from a surplus of €25.1 billion.

Indexes on the close:

Name Price Change Change %

FTSE 100 6,126.68 -8.54 -0.14 %

DAX 10,592.49 -81.11 -0.76 %

CAC 40 4,637.45 -44.41 -0.95 %