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Record oil price hits European stocks

Record oil price hits European stocks
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European stocks have declined for a fourth day. Investors are speculating that bank losses will increase and economic and profit growth will be eroded by spiralling oil prices.

Switzerland’s UBS hit its lowest point since March. The Swiss newspaper Sonntag says the European bank hardest hit by the US subprime crisis will report losses to the tune of almost three billion euros in the second quarter.

British Airways and Ryanair lost ground after oil hit its new peak, climbing above 139 dollars a barrel last week.