The Brent benchmark struck a seven-month low on surging US energy stockpiles before a weekend meeting of major oil producing nations.

Wall Street joined European and Asian stock markets in losing ground as a rally triggered by unsurprising US midterm election results faded away.

"A more hawkish than expected Fed quickly extinguished the midterm election rally before it had time to take off," commented Fiona Cincotta, senior market analyst at City Index.

"Trade war fears and higher interest rates, that weighed on sentiment and pulled the markets lower in October, have returned to haunt investors," she added.

More than two hours into trade the Dow Jones index had lost 0.9 percent while at the close in London and Paris the benchmark FTSE 100 index and the Cac-40 had given up 0.5 percent, as markets wait for signs of an eventual Brexit deal to smooth Britain's bumpy exit from the European Union.

Frankfurt's DAX 30 index performed only slightly better to end the session barely in positive territory amid worries over Italy's troubled economy while Asian equities also endured losses.

Tokyo ended down 1.1 percent, Hong Kong shed 2.4 percent and Shanghai finished 1.4 percent lower, after data showed another drop in Chinese factory prices, while tech firms were hit by a series of weak earnings results from mainland firms.