European stocks were set to drop at the open on Wednesday, reversing the previous session’s tentative bounce and tracking sharp losses on Wall Street, hurt by the relentless drop in oil prices and Russia’s brewing financial crisis.

At 0720 GMT, futures for Euro STOXX 50, Germany’s DAX and for France’s CAC were down 1.0-1.2 per cent.

US stocks fell for a third day in a volatile session on Tuesday, led by declines in consumer discretionary and technology shares.

The Dow Jones industrial average fell 0.7 per cent, the S&P 500 lost 0.9 per cent and the Nasdaq Composite shed 1.2 per cent.

Brent futures fell more than 1 per cent on Wednesday, down for a sixth straight session, with persistent worries of a supply glut keeping prices near a 5-1/2 year low under $60 a barrel.

The Russian rouble continued to fall on Wednesday, down 5.2 per cent against the dollar at 71.10, and 6.7 per cent weaker versus the euro at 90.17.

Greek shares will be in focus as Prime Minister Antonis Samaras on Wednesday faces the first of three rounds of a presidential vote that will determine whether the country is forced into snap national elections and a new period of political chaos. Athens's ATG index tumbled 20 percent last week, as the renewed political crisis rattled investors.

After losing 8 per cent in six sessions, European stocks rallied on Tuesday in what traders said was a technical rebound with short sellers taking some of their recent profits.

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