Shares in Royal Dutch Shell are dropping almost 4 per cent in early trading on Wednesday after the energy major warned that its expects its fourth quarter profits to drop by at least 40 per cent compared to the same period last year following the sharp slide in oil prices.

Shell’s shares are down 3.7 per cent at £13.19 at publication time, making it among the biggest fallers on the FTSE 100.

As the FT’s energy editor Chris Adams reported earlier, Shell expects fourth quarter profits to slide to between $1.6bn and $1.9bn this year.

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