Energy stocks were the other big losers as oil prices slid to a 14 month lows near 71 US dollars a barrel. Royal Dutch Shell was 5% lower with rival BP down 1%.
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Recession fears drag FTSE down: Royal Dutch Shell was 5% lower with rival BP down 1%
Time to sell oil and buy shares
Even oil giant Shell, which last week reported record first-quarter profits of $7.8 billion (£3.9billion) admitted that it did not know why prices had shot up to their current levels, because there was no real shortage of supply.