Stock indices closed lower as oil prices declined on concerns over the global oil oversupply.

The European Central Bank (ECB) Vice President Vitor Constancio said on Friday that the central bank could add further stimulus measures in March if it takes longer to reach 2% inflation target.

Constancio noted that inflation could turn negative in the short terms but it should rise in the second half of the year.

European Central Bank (ECB) Governing Council member Ignazio Visco said in an interview on Friday that there were no taboos to reach the price stability.

Market participants also eyed the economic data from the Eurozone. Destatis released its producer price index (PPI) for Germany on Friday. German PPI producer prices declined 0.7% in January, missing expectations for a 0.3% fall, after a 0.5% drop in December.

On a yearly basis, German PPI dropped 2.4% in January, missing expectations for a 2.0% decrease, after a 2.3% fall in December.

The decline was mainly driven by a drop in energy prices.

The Office for National Statistics released its retail sales data for the U.K. on Friday. Retail sales in the U.K. climbed 2.3% in January, exceeding expectations for a 0.8% gain, after a 1.4% drop in December. December's figure was revised down from a 1.0% decrease.

The increase was driven by lower demand for clothing and computer.

On a yearly basis, retail sales in the U.K. jumped 5.2% in January, beating forecasts of 3.6% increase, after a 2.3% rise in December. December's figure was revised down from a 2.6% gain.

Public sector net borrowing excluding banks rose to £11.2 billion in January from £10.2 billion in January last year. It was the biggest surplus since 2008.

The increase was driven by the high level of tax receipts.

Indexes on the close:

Name Price Change Change %

FTSE 100 5,950.23 -21.72 -0.36 %

DAX 9,388.05 -75.59 -0.80 %

CAC 40 4,223.04 -16.72 -0.39 %