European shares fell in early trading on Thursday, losing ground for the fourth session in a row, as the slump in oil and iron ore prices knocked resource-related shares lower and fuelled worries over the pace of global growth.

At 0805 GMT, the FTSEurofirst 300 index of top European shares was down 0.1 per cent at 1,355.87 points. The index has lost 3.5 per cent so far this week.

Oil services stocks featured among the biggest losers, with Seadrill down 2.7 per cent and PGS down 1.3 per cent.

Brent crude

Brent crude ticked higher on Thursday but remained below $65 per barrel, not far from a five-year low hit in the previous session, with the market’s bearish tone largely intact.

Iron ore

Iron ore fell to its weakest level in more than five years as a supply glut continued to weigh on the commodity that has nearly halved in value this year.

Global miners Rio Tinto and BHP Billiton are major iron ore producers.

Investors’ focus will also be on the results of the European Central Bank’s loan offer to banks. The ECB is offering banks the cheap, four-year loans as part of a package of measures to add around €1 trillion to its balance sheet — a goal it has set with a view to pumping money into the economy to save it from deflation.

A Reuters’ poll of money market traders on Monday pointed to banks taking €130 billion ($161.10 billion) on Thursday. They borrowed €82.6 billion in a first tranche in September and can take up to €400 billion in both rounds combined.