Stocks are set to slide Tuesday morning on terrorism concerns that sent crude-oil prices higher after a deadly weekend attack in Saudi Arabia.

Meanwhile, oil ministers are gathering in Beirut to debate a possible production increase.

Crude-futures overseas and in the U.S. have risen more than US$1 over Friday’s close. The attack added to fears about the security of oil supplies from Saudi Arabia, the world’s largest exporter.

European shares are lower in midday trading on concerns about oil prices and supply.

The European Commission said it may cut its 2004 growth estimate for the European Union by 0.2 percentage points if oil prices and the euro stay at their current levels.

In Paris, the CAC 40 is down 1.23% at 3624.53. In Frankfurt, the Xetra Dax is off 1.33% at 3869.43. In London, the FTSE 100 has slipped 0.26% at 4419.40.

Overnight in Asia, markets closed mixed. Tokyo’s Nikkei rose 60.39 points, to 11,296.76 points. In Hong Kong, the Hang Seng fell 92.69 points to 12,105.55.

In business news, the boards of Wheaton River Minerals and Iamgold Corp. said Monday they still believe a proposed merger between them is a better opportunity than rival bids last week by two American companies, which are seeking to prevent a marriage of the two mid-sized Canadian gold producers. Wheaton River was first off the mark in rejecting an unsolicited shares-and-cash offer from U.S. silver producer Coeur d’Alene Mines Corp., valued at $2.5 billion when it was made last Thursday.

On Monday, the Toronto stock market closed higher as energy shares rose on expectations of higher oil prices. The S&P/TSX composite index gained 70.24 points to 8,417.32 in light trading while the U.S. and British financial markets were closed.

The junior TSX Venture Exchange finished up 7.89 points at 1,609.99.

Statistics Canada said the Canadian economy grew 0.6% in the first quarter, bolstered by a resurgence of consumer spending and growth in exports.

Gross domestic product shot up 0.7% in March after a flat January and February, but analysts doubted this will provoke the Bank of Canada into an early increase in short-term interest rates.