European stocks indicated a negative open and flat trading

European stocks indicated a flat open on Monday, following Asia's lead after Wall Street on Friday slumped to levels not seen since August last year.

Oil prices were sharply lower in early Asian trade, extending a brutal sell-off fueled by fears of a glut from Iran, after international sanctions against the country were lifted at the weekend.U.S. WTI light sweet crude oil prices were recently trading 1.5 percent lower at $28.99 a barrel, after falling 3.6 percent to hit the session's low of $28.36 barrel, while European Brent crude was last 1.6 percent down at $28.47 a barrel after falling 4.4 percent to $27.67 a barrel.

Both grades were moving in the range of prices not seen since late 2003 after falling about 6 percent on Friday in the U.S. session.

In Europe is tracking reaction to the lifting of sanctions against Iran, which some analysts say could worsen a global oil supply glut. Brent crude briefly dipped below $28 dollars per barrel overnight, marking the lowest level since 2003. (08:15: WTI = 29,83; Brent = 28,17)

We're also watching Chinese stocks, which were trading higher after the People's Bank of China took more measures to support the yuan.  Tomorrow forthcoming publication of China's GDP, as the critical value for the growth was 7%. (Nikkei 225: -1.70 %; Hang Seng: -1.11 %; S&P/ASX 200: -0.85 %; Shanghai Composite: +0.08 %; Topix: -1.36 %)