Energy shares weigh on European shares, which decline

European shares fell on Tuesday as oil prices fell, hurting energy stocks. Investors were waiting to see what the European Central Bank would do later this week.

The STOXX 600 was down 0.4% by 0720 GMT, ending a three-day winning streak.

Energy stocks fell 1.9% to hit a two-month low. Oil prices fell by over 1% as investors worried about supply later in the year.

BP fell 2.7% after S&P Global lowered the company's credit rating.

Market participants were also waiting for the ECB to announce its interest rate decision on Thursday. It is expected to cut borrowing costs by 25 basis points.

The recent rise in eurozone inflation has made it less likely that the ECB will cut interest rates this year.

Other stocks also fell. Allianz lost 2.1% after Citigroup downgraded the German insurer.

Maersk gained 1.6% after the Danish shipping group raised its profit forecast due to strong container market demand.

Paraphrasing text from "Reuters" all rights reserved by the original author.