The results of high oil prices ran the results on European equities markets on Thursday, even though crude oil prices retreated some from record high prices as the day progressed.

The FTSE Eurofirst 300 dropped 0.7 percent to 1,172.57, its lowest close in three weeks.

Oil stocks were up early but gave up their gains later in the day, and shares in companies highly dependent on oil and oil products were down on the prospect of having to pay higher prices for those products.

In the oil sector, Total lost 1 percent to €207.30, while Repsol fell by 1.4 percent to €23.52 and Eni declined by 1.5 percent to €23.49.

Oil service group Saipem, however, gained 1.8 percent to €13.14 on an upgraded rating to “buy” from “neutral” from UBS.

Among oil-dependent companies, chemical group BASF lost 1.2 percent to €57.28.

In the automobile sector, Renault dropped 1.8 percent to €72.30, while Volkswagen was down 1.5 percent to €43.29.

The airlines were down as well, with Lufthansa losing 0.8 percent to €10.89 and Air France-KLM closing down 2.8 percent at €13.25.

Technology were also down on worries that higher energy costs would mean less money to spend elsewhere. Infineon lost 0.6 percent to €7.90, while STMicroelectronics was down 0.9 percent to €13.55 and ASML dropped 1.6 percent to €13.69.

Ericsson fell 2.3 percent to SKr25.60, and Nokia was down 1 percent to €12.67.