A decline in oil and bank stocks alongside some weak U.S economic data led European shares to close lower on Monday although Spain's Telefonica bucked the trend after reporting surprisingly upbeat results. Crude oil prices dipping further away from the $50 a barrel mark continued to hit energy firms as OPEC pledged to keep pumping at almost full tilt despite abundant U.S. supplies, according to Reuters. Royal Dutch Shell slipped 0.9 percent, as did Total and BP. The FTSEurofirst 300 index of pan-European blue chips closed 0.41 percent lower at 1,073.4 points while the narrower DJ Euro Stoxx 50 index shed 0.21 percent to 2,988.2 points. Despite the off day, analysts are still convinced the market is set to move forward. "The factors that have prompted the recent risk induced sell-off in global equities appear to have moderated significantly," said Ian Scott, strategist at Lehman Brothers. --More 2311 Local Time 2011 GMT
