Global stock markets were having another lackluster day on Wednesday amid ongoing worries over the state of the world economy, which has piled the pressure on oil prices in particular. In Europe, France's CAC 40 was down 0.5 percent to 4,261 while Germany's DAX fell 1.2 percent to 9,470. The FTSE 100 index of leading British shares was 0.6 percent lower at 5,867. U.S. stocks were poised for modest gains at the open, with Dow futures and the broader S&P 500 futures up 0.2 percent.

As well as fretting over the scale of the economic slowdown in China following further downbeat economic data earlier this week, investors are beginning to wonder whether the U.S. recovery is as strong as thought. Weak data this week has elevated those concerns, prompting big falls in the price of oil. Yesterday, oil prices recovered some ground, but not much. A barrel of benchmark New York crude was up 43 cents at $30.31 a barrel while Brent, the international standard traded in London, rose 53 cents to $33.25 a barrel.

Added to the mix yesterday were renewed fears over the slowdown in Europe. A closely watched survey from financial information company Markit found the economic recovery in the 19-country eurozone losing steam in January, a sign that the turmoil in global financial markets is beginning to weigh on business activity. It was a pretty flat day in currency markets with the euro up 0.1 percent at $1.0933 and the dollar 0.3 percent lower at 119.41 yen.