Main indices fell after oil price tumbled

European stocks plunged on Friday after the ongoing decline in oil prices has influenced the direction of major indices and they recorded the biggest weekly loss since August.

Stoxx Europe 600 fell by 2%, reaching 355.79 and thus registered a fourth consecutive losing session. Closing levels were the lowest since October until now. The overall decline of the indicator for the week was 4 percent and the weekly loss was second in a row.

The bad performance of the index this week was mainly due to the energy sector. Shares of oil and gas companies performed worst on Friday.

US crude oil was traded around seven years bottom after OPEC decided to supply a large quantity of oil, although the demand progressively decreases.

The consumer price index in Germany increased by 0.1% in November, but still remains below expectations of the ECB on inflation. Results can be justified mainly by the crisis in the energy sector.

The main US indices retreated on Friday after a fall in oil prices caused serious turmoil on Wall Street.  S&P 500 recorded its sharpest weekly decline since August, when shares fell on fears of economic retardation of China.

The hot atmosphere of the markets came shortly before the Fed to decide whether to raise interest rates for the first time in nearly a decade.

The data on US retail sales was slightly more encouraging in November, according to the Ministry of Commerce, announced Friday. It showed that the economy will continue to improve at a moderate pace over the next few months.

The index of producer prices in the US increased by 0.3% in November, but commodity prices excluding food and energy, rose only 0.1 percent.

The submitted economic data has almost no effect on Fed's decision to increase interest rates again in December or to postpone the move.