From his office on the 41st floor of the gleaming new European Central Bank headquarters, Mario Draghi's view stretches far beyond Frankfurt's high-rise financial center and he doesn't like what he sees.

With crude oil prices hitting five-year lows, investors are scrambling to gauge the impact of the sharp drop in petroleum costs on companies beyond the energy sector.

U.S. energy firms are swiftly shifting drilling rigs away from less productive areas and hunkering down in sweet spots of North Dakota and Texas shale oil fields as they try to lift output and cut costs in response to the toughest crude market in years.

U.S. stocks rose on Wednesday, with both the Dow and S&P 500 ending at records, as data pointed to improving conditions in the U.S. services sector, boosting cyclical stocks.

Gold prices tumbled on Monday after Swiss voters overwhelmingly rejected proposals to boost gold reserves in a referendum, joining the broad rout in commodities that sent oil prices to five-year lows and copper to four-year lows.

Saudi Arabia's oil minister told fellow OPEC members they must combat the U.S. shale oil boom, arguing against cutting crude output in order to depress prices and undermine the profitability of North American producers.

Shale stocks have been hard-hit as investors see margins all but evaporating following the slide in crude oil prices, but the U.S. shale energy boom is not over.

Subdued food price inflation in Europe is unlikely to pick up any time soon, adding to the pressure on mainstream grocers as they struggle with changing shopping habits and competition from discounters.

Fading hopes OPEC will cut production when it meets Thursday sent oil prices tumbling to a four-year low and the world stock-market rally paused for Thanksgiving in the United States.

Impromptu talks between Saudi Arabia, fellow OPEC member Venezuela and oil powers Russia and Mexico yielded no agreement on Tuesday on how to address a growing oil glut, ending without any plan to cut output despite a collapse in prices.