European equities are poised to open in the red Wednesday morning as market sentiment is curbed by weaker oil prices.

The FTSE 100 is seen down by 7 points at 7,405; the DAX is seen lower by 32 points at 13,000 and the CAC 40 is set to open lower by 13 points at 5,303.

Asian markets were mostly lower on Wednesday after a report from the International Energy Agency projected lower oil demand for this year and the next. Brent was lower by 1.3 percent trading at $61.38 a barrel and WTI fell 1.1 percent to $55.06 at about 06:15 London time.

In earnings news, Barratt Developments and Rolls-Royce will issue a trading update; Premier Foods and Talk Talk will post interim results.

In other corporate news, Volkswagen said that tax authorities and prosecutors raided the offices of the company’s chief financial officer, head of HR and chairman on Tuesday. Some files and computers were seized, according to Reuters.

In terms of data, there will be inflation numbers out in France at 7:45 a.m. London time, unemployment figures in the U.K. at 09:30 a.m. and trade numbers for the euro zone due at 10 a.m.