Insurer AXA fell 0.9% The DAX index in Frankfurt closed down 0.32% and the FTSE 100 in London fell 0.33%. Oil prices dropped to a new seven-month low as confidence was fading in the ability of the Organization of the Petroleum Exporting Countries (OPEC) to ease global oversupply through its production cuts. "Investors are worried a depressed oil price could bring about a period of prolonged low inflation, which would have negative implications for growth."