European stocks close: stocks closed lower as oil prices declined again

Stock indices traded lower as oil prices declined again. Oil prices fell on concerns over the global oil oversupply.

Meanwhile, the economic data from Germany was mostly weaker than expected. German Ifo Institute released its business confidence figures for Germany on Monday. German business confidence index declines to 107.3 in January from 108.6 in December. December's figure was revised down from 108.7.

Analysts had expected the index to fall to 108.4.

"The year started with an unpleasant surprise for the German economy," Ifo President Hans-Werner Sinn said.

The Ifo current conditions index decreased to 112.5 from 112.8. Analysts had expected the index to remain unchanged at 112.8.

The Ifo expectations index dropped to 102.4 from 104.6, missing expectations for a decrease to 104.1. December's figure was revised down from 104.7.

The Confederation of British Industry (CBI) released its industrial order books balance on Monday. The CBI industrial order books balance slid to -15 in January from -7% in December.

The index was driven by a weak demand for exports.

"Manufacturers have seen a flat start to 2016 but while we have seen real problems in some industries in the last few months, there are signs that orders and production are stabilising overall," the CBI director of economics Rain Newton-Smith said.

Indexes on the close:

Name Price Change Change %

FTSE 100 5,877 -23.01 -0.39 %

DAX 9,736.15 -28.73 -0.29 %

CAC 40 4,311.33 -25.36 -0.58 %