Brent crude oil prices fell to their lowest level since July, dropping below $80 per barrel on Wednesday. At the same time, concerns about the economic outlook weighed on investors, contributing to a struggle for stocks. The main international contract, Brent crude, experienced a decrease of over 2 percent, hitting $79.80, before eventually stabilizing above $80 per barrel. Similarly, the main US contract, WTI, also reached its lowest level since July, falling to $75.44 per barrel.

Market analyst Craig Erlam at OANDA commented on the situation, emphasizing the impact of weaker economic expectations on oil prices. This sentiment echoed the drop in crude prices that occurred the previous day in response to news of China’s declining exports, which raised concerns about energy consumption. Furthermore, the focus has shifted from undersupply to weak demand, as central banks insist on maintaining high interest rates, which could worsen the situation.

While the drop in oil prices provided some support to stocks, they still faced challenges. Wall Street’s main indices initially showed gains but eventually slipped into decline. Analyst Patrick O’Hare identified a lack of conviction in the morning’s trade in US markets, attributing it to an impending pullback. Traders are concerned about growth prospects, and although lower borrowing costs should boost business, they may also signal a degraded business outlook.

Ultimately, European markets ended the day with mixed results, as London closed marginally lower due to the performance of natural resource and energy stocks, while Frankfurt and London saw modest gains. These fluctuations in the oil market and equities highlight the current economic uncertainties that are impacting global markets.