European stocks opened sharply lower as concerns over plummeting oil prices continued to weigh, as well as worries over global economic growth.

During European morning trade, the EURO STOXX 50 lost 2.91%, France’s CAC 40 plunged 2.97%, while Germany’s DAX 30 plummeted 2.91%. Sentiment weakened after oil prices dropped once again below $30 per barrel on Tuesday to the lowest level in 12 years after the International Energy Agency said that unseasonably warm weather and rising supply will keep the oil market oversupplied until at least late 2016.

Investors also remained cautious after data on Tuesday showed that the annual rate of growth in China slowed to 6.8% in the three months to December from 6.9% in the previous quarter, matching forecasts.

The data indicated that the world’s second-largest economy is continuing to lose momentum, after falls in the nation’s currency earlier this year fueled fears over a China-led slowdown in global growth.

Energy stocks were broadly weaker, as French oil and gas major Total SA (PA:TOTF) plummeted 2.86% and Italy’s ENI (MI:ENI) lost 1.91%, while Norwegian rival Statoil plunged 3.79%.

Financial stocks added to losses. French lenders BNP Paribas (PA:BNPP) and Societe Generale (PA:SOGN) tumbled 3.11% and 3.35%, while Germany’s Deutsche Bank (DE:DBKGn) and Commerzbank (DE:CBKG) lost 2.91% and 4.13%.