Investing.com - The European energy sector was among the worst performers in midday trade on Wednesday, as the ongoing plunge in oil prices scared off investors.
The European oil and gas index (SXEP) fell to its lowest since April 16 in early deals, before recovering some ground. It was last down around 1.1% by 6:40AM ET (1140GMT).
Crude prices were struggling to find their footing after a 7% plunge the previous day, their biggest one-day percentage decline in more than three years.
In London, Tullow Oil (LON:TLW) was off by around 3%, while BP (LON:BP) declined 1%.
French oil giant Total SA (PA:TOTF) slumped 0.8% in Paris, while Royal Dutch Shell (LON:RDSa) dropped 1.4%.
Italy's ENI (MI:ENI) and Saipem SpA (MI:SPMI) were also hit hard, down 2.7% apiece.
Energy stocks have been one of the biggest contributors to the region's earnings growth this quarter, making the slide a significant concern for investors.
Mining stocks were also on the backfoot, amid mounting concerns over a slowdown in global economic growth. Rio Tinto (LON:RIO) and Antofagasta (LON:ANTO) each lost 3.7% in London, while BHP Billiton (LON:BLT) dipped 2.7%.