European stocks close: stocks traded lower on falling oil prices

Stock indices traded lower on falling oil prices. Oil prices declined on profit taking and on concerns over the global oil oversupply.

The weaker-than-expected German Ifo data also weighed on stocks. German Ifo Institute released its business confidence figures for Germany on Tuesday. German business confidence index fell to 106.6 in April from 106.7 in March, missing expectations for an increase to 107.0.

"Although companies were somewhat less satisfied with their current situation, their business expectations brightened once again. The moderate upturn in the German economy continues," Ifo President Clemens Fuest said.

The Ifo current conditions index decreased to 113.2 from 113.8. Analysts had expected the index to remain unchanged at 113.8.

The Ifo expectations index climbed to 100.4 from 100.0, missing expectations for a rise to 100.8.

The Confederation of British Industry (CBI) released its industrial order books balance on Monday. The CBI industrial order books balance rose to -11 in April from -14 in March, beating expectations for a decline to -15.

"Manufacturing has yet to pick-up after a flat start to the year, with falling orders providing little impetus for production. While expectations for the upcoming quarter are encouraging, manufacturers are still facing sizeable external headwinds," the CBI director of economics Rain Newton-Smith said.

Indexes on the close:

Name Price Change Change %

FTSE 100 6,260.92 -49.52 -0.78 %

DAX 10,294.35 -79.14 -0.76 %

CAC 40 4,546.12 -23.54 -0.52 %