European stock markets are trading lower on Monday amid continued political uncertainty in Italy and fading hopes of a production cut pushed oil prices lower.

Europe's leading Blue-chip index, EURO STOXX 50 lost 26.54 points or 0.87 percent to trade at 3,021.84. UK's benchmark index FTSE 100 fell 65.60 points or 0.96 percent to trade at 6,775.15.

Meanwhile, Germany's benchmark index DAX lost 85.61 points or 0.8 percent to trade at 10,613.66. French benchmark index CAC 40 lost 38.17 points or 0.84 percent to trade at 4,512.10.

On Friday, European stock markets settled higher. Europe's leading Blue-chip index, EURO STOXX 50 rose 7.78 points or 0.26 percent to settle at 3,048.38. UK's benchmark index FTSE 100 went up 11.55 points or 0.17 percent to close at 6,840.75.