Brent finally lost 10 dollars between its September 28 peak and the previous day's low of 85.72 dollars, half of this in yesterday's session alone. The spark came from the lowest seasonal demand for gasoline in 25 years in the United States. In response, OPEC+ announced that the self-imposed production cut by Saudi Arabia and Russia would continue at least until the end of the year. The FTSE 100 fell 0.8%, hampered by commodity stocks.

The barrel rebounded slightly this morning, but Brent remains weak, below 87 dollars, given its recent momentum.

The FTSE was up 0.2% at 9am, a day after the September ADP National Employment report showed private sector employment in the US recorded a steepening decline in jobs, as well as a steady decline in wages in the past 12 months. This gave investors reasons to hope that central banks may soften their stance on monetary policy.

This came after the US JOLTS data on Tuesday that pointed to a tight job market, sending bond yields through the roof.

Among stocks, Imperial Brands rose 1.7% after it unveiled a new 1.1 billion dollars share buyback.

Unite gained 0.9% after it said its CEO would  step down at the end of the year.

Things to read today:

Who feels the pain from the bond sell-off? (Financial Times)

Only an Equities Crash Can Rescue the Bond Market, Barclays Says (Bloomberg)