Plunging oil prices dragged down European stocks today. The two worst performing sectors in the EuroStoxx 600 are Basic Resources and Oil and Gas, each down about 2%, with banks down about 0.8%.

The culprit of the day is Libya, which is now pumping 800,000 barrels a day of oil vs. about 200,000 last September. The rising US rig count, meanwhile, portends a steady increase in US supply.