Higher crude oil prices were hard on European equities on Monday.

Among the sectors seeing losses were airlines and automobile manufacturers. Technology stocks were also down.

Among airlines, Lufthansa was down by 1.8 percent to €9.98, Air France-KLM declined by 2.7 percent to €12.29, and Ryanair lost 1.2 percent to €6.39.

Among car makers, Peugeot was down 0.7 percent to €48.05, Daimler-Chrysler lost 1.2 percent to €33.51, Fiat fell 3.4 percent to €5.834, and Renault declined by 1.3 percent to €70.50.

Porsche, however, managed to gain 0.4 percent to €611.39 as Merrill Lynch raised the automaker’s share price target to €700 from €615.

In the technology sector, Siemens was down 1.7 percent to €60.80 on suggestions that even though it has sold its loss-plagued mobile phones unit, it was still not approaching profit targets.

Infineon, a supplier for Siemens, also declined on the news, losing 0.9 percent to €7.58.

STMicrolectronics was down 2.2 percent to €12.93, Philips lost 1.6 percent to €20.92, and ASML fell 1.3 percent to €13.30.

All this combined to send the FTSE Eurofirst 300 down 1 percent to 1,130.

In Frankfurt, meanwhile, even the first increase in German business confidence in four months could not lift the Xetra Dax into positive territory as it fell 0.9 percent to 4,523.82.