News that Royal Dutch Shell (LON:RDSB) will be cutting spending by $15bn over the next three years sent London-listed oil firms lower.
The Anglo-Dutch company also reported fourth quarter profits of US$3.26bn, an improvement on a like-for-like basis, but below analysts' expectations.
The statement hurt blue chip peer BP (LON:BP.) which was lower on the potential for the firm to deliver a similar message on 3 February.
Weir Group (LON:WEIR) and Tullow Oil (LON:TLW) also fell.
Sentiment wasn’t helped by US data late on Wednesday, which confirmed a global oil supply glut.
US Energy Information Administration said oil stocks increased by nearly 9mln barrels last week to nearly 407mln, the highest level since records began in 1982.
At the top end, easyJet (LON:EZJ) shares climbed 2% on news of cheaper jet fuel prices and an upgrade from Barclays Capital.
Diageo (LON:DGE), the world’s largest spirits maker, was also up despite flat first half sales and sharply lower profits after a weak showing in the US.
Overall though, the FTSE 100 was 50 points lower at 6,775.
In the world of small caps, Fitbug (LON:FITB) climbed 20%, recovering from Tuesday’s court case result with against Fitbit.
Today, Fitbug said its digital health coaching platform Kiqplan will be included in wearable devices firm Jawbone's marketplace.
Landore Resources (LON:LND) has identified another potentially significant deposit of nickel, platinum, palladium and other metals at its JuniorLake prospect in Ontario. Shares climbed 6%.
Investors appear to share Simon Buckingham's excitement as the AIM technology share advanced 12% as Mobile Streams (LON:MOS) revealed the latest milestones in its push into Brazil, India and Africa.
Forbidden Technologies (LON:FBT) shares advanced as the internet video specialist said it was switching to an “all you can eat” flat rate licensing model for professional users.