NEW YORK (TheStreet) -- Crude oil prices resumed their slide on Wednesday, though stock futures were taking it in stride following two straight days of declines on Wall Street.
S&P 500 futures were down 0.19% and Dow Jones Industrial Average futures fell 0.17%. Nasdaq futures edged 0.09% lower.
West Texas Intermediate crude tanked 2% to $62.55 a barrel after an official at Iran's Oil Ministry warned of Brent crude as low as $40 if disagreements between OPEC members ensued. In late November, OPEC agreed to leave production levels unchanged despite global oversupply outstripping demand. on Wednesday, OPEC lowered its forecast for 2015 world oil demand.
European markets were all trading higher, shaking off disappointing data from France and Turkey. French industrial output slipped 0.8% in October, below estimates for a 0.2% increase. Turkey reported third-quarter GDP growth of 1.7%, its slowest pace since 2012, as record-low interest rates failed to spark domestic demand.
China's Shanghai Composite recouped some of its losses after falling its most in five years on Tuesday. Producer price index data came in disappointing, though, dropping 2.7% in November, marking a 33rd straight month of decline.
JPMorgan (JPM) slipped 0.56% in premarket trading after the Federal Reserve passed a proposal to impose risk-based surcharges on top global banks. Under the rules, JPMorgan would need to raise $22 billion to comply.
Costco (COST) shares were 0.85% higher after beating first-quarter earnings estimates and as comparable-store sales rose 5%.
Luxury homebuilder Toll Brothers (TOL) slipped slightly in premarket trading after fiscal fourth-quarter earnings rose but were below analysts' estimates.
Small cap Goodrich Petroleum (GDP) was down 6.9% after announcing its plans to cut 2015 capital expenditures in half. Oil companies have been reassessing future projects in light of tumbling oil prices. Earlier in the week, ConocoPhillips (COP) announced it was cutting its 2015 capex budget by 20%.
--Written by Keris Alison Lahiff in New York.