In European equities markets on Thursday, oil stocks were down on falling oil prices and concerns that if energy costs remain high they could cause the economy to slow.

The FTSE Eurofirst 300 fell 0.3 percent to 1,182.38 at the close of the trading day.

While still very high, oil prices hit their lowest level in two weeks. In reaction OMV, the Austrian oil company, declined by 4.3 percent to €37.86, Italy’s Eni lost 1.3 percent to €23.40, French oil company Total fell 1.2 percent to €206.90, and Neste Oil of Finland dropped 0.8 percent to €23.81.

High oil prices were not just responsible for declines in the oil sector, though. They were said to be at least partially to blame for Ciba Specialty Chemicals’ 20 percent decline in second-quarter net profits to SFr79 million.

While those results were better than had been expected, the chemicals company cut its outlook for the full year. The news sent shares in the company down 2.5 percent on the day to SFr7.00.

Insurers were also down on the day. Zurich Financial fell on profit-taking after announcing a 21 percent rise in net profits in the second quarter, a better result than expected. Shares in the company fell 1.5 percent on the day to SFr231, but are still up 24 percent since the beginning of the year.

Elsewhere in the sector, German insurer Allianz lost 1.2 percent to €107.45, while French company AXA declined by 0.5 percent to €22.35.