07:46 AM EDT, 06/04/2024 (MT Newswires) -- European bourses tracked moderately lower midday Tuesday as energy issues tumbled on prospects for possibly oversupplied global petroleum markets in coming months. Bank issues slipped on profit-taking.

Retail shares bucked market trends to gain.

Investors also eyed Wall Street futures signaling red, and largely lower closes overnight on Asian exchanges. Mumbai's Sensex index tumbled 5.5% as it appeared Prime Minister Narendra Modi would not win as big an electoral victory as expected on Monday.

Brent crude prices sank to near $77 a barrel on reports of pending OPEC production increases and possibly softer demand from a slowing economy in the US.

The pan-continental Stoxx Europe 600 Index was down 0.7% mid-session.

The Stoxx Europe 600 Technology Index was off 0.2%, and the Stoxx 600 Banks Index lost 2.2%.

The Stoxx Europe 600 Oil and Gas Index was off 2.5%, but the Stoxx 600 Europe Food and Beverage Index inclined 0.4%.

The REITE, a European REIT index, fell 0.5%, but the Stoxx Europe 600 Retail Index inclined 1%.

On the national market indexes, Germany's DAX was down 1.1%, and the FTSE 100 in London was down 0.4%. The CAC 40 in Paris was off 0.8%, and Spain's IBEX 35 lost 0.3%.

Yields on benchmark 10-year German bonds were lower, near 2.56%.

Front-month North Sea Brent crude oil futures were down 1.7% to $77.10 per barrel.

The Euro Stoxx 50 volatility index was up 5.9% to 14.88, indicating below-average volatility for European stock markets in the next 30 days, a positive signal. A reading above 20 indicates choppier markets ahead, while below 20 suggests calmer exchanges.