European Shares Eased As Oil Rose

The shares of European companies slipped in early trade Thursday as oil threatened to breach $120 a barrel on weather-related supply concerns.

At 0717 GMT, the FTSEurofirst 300 index of top European shares was down 0.2 percent at 1,170.68 points.

Insurer Swiss Life led losers on the FTSEurofirst 300, slumping more than 9 percent after issuing a profit warning, while French bank Natixis slid 6 percent after posting a quarterly loss of more than a billion euros.

Oil CLc1 gained almost $1 a barrel to trade above $119 on fears that Tropical Storm Gustav may hit the Gulf of Mexico after it morphs into a major hurricane, paralysing the heart of U.S. offshore production.

BP gained 0.4 percent and Royal Dutch Shell ticked up 0.3 percent.