European stocks close: stocks traded lower on falling oil prices

Stock closed lower on a drop in oil prices. Oil prices fell on concerns over the global oil oversupply.

Market participants also eyed the economic data from the Eurozone. Eurostat released its industrial production data for the Eurozone on Thursday. Industrial production in the Eurozone fell 0.8% in March, missing expectations for a flat reading, after a 1.2% drop in February. February's figure was revised down from a 0.8% decrease.

Non-durable consumer goods output dropped 1.9% in March, capital goods output decreased 1.1%, while energy output increased 2.0%.

Intermediate goods output fell 0.8% in March, while durable consumer goods declined 0.4%.

On a yearly basis, Eurozone's industrial production rise 0.2% in March, missing expectations for a 1.1% rise, after a 0.8% increase in February.

Durable consumer goods climbed by 1.1% in March from a year ago, capital goods rose by 1.6%, non-durable consumer goods slid by 3.0%, while intermediate goods output increased by 1.1%.

Energy output declined by 0.7% in March from a year ago.

The Bank of England (BoE) released its interest rate decision on Thursday. The BoE kept its interest rates unchanged at 0.5% and its asset purchase program unchanged at £375 billion. This decision was widely expected. All members voted to keep the central bank's monetary policy unchanged.

The central bank downgraded its growth forecasts. The economy is expected to expand 2.0% in 2016, down from its previous forecast of a 2.2% rise, and 2.3% in 2017, down from its previous forecast of a 2.4% gain. The BoE said that uncertainty around Britain's membership in the European Union weighed on the economic growth.

The BoE Governor Mark Carney said at a press conference on Thursday that Britain's exit from the European Union could lead to a "technical recession," adding that the central bank would do everything to cushion a shock. He pointed out that it would need time to offset the effect of shock.

Indexes on the close:

Name Price Change Change %

FTSE 100 6,104.19 -58.30 -0.95 %

DAX 9,862.12 -113.20 -1.13 %

CAC 40 4,293.27 -23.40 -0.54 %