After reaching the so called "peak oil" last few days, as oil price recorded a new high price of more than $135 per barrel, crude oil price has dropped of more than $6 per barrel, making it now at less than $129 per barrel.
"People are just increasingly concerned about the inflation risk picking up and the U.S. economy deteriorating," said Andrea Williams, head of European equities at Royal London Asset Management.
Technology shares had modest gains on Wall Street and the Nasdaq composite was in positive territory, while the blue-chip Dow industrials and the broad-market Standard & Poor's 500 Index were little changed.
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