Oil prices have skidded to their lowest level in nearly seven years, hurting the shares of major oil companies on Wall Street as a global glut showed no signs of abating, while European stocks benefited from a weaker euro.

Oil prices have skidded to their lowest level in nearly seven years, hurting the shares of major oil companies on Wall Street as a global glut showed no signs of abating, while European stocks benefited from a weaker euro.