World shares trade lower as recession uncertainties deepen

Reports that major oil producers plan further production cuts were also exerting upward pressure on energy prices. [Istockphoto]

Shares dropped around the world on Monday while oil prices surged more than $3 (Sh360) a barrel amid dire warnings over energy shortages in Europe if Russia cuts off gas supplies.

Germany's DAX fell 1 per cent to 11,998.26 while the CAC 40 in Paris shed 1.2 per cent to 5,690.88.