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Oil shares drop on lower crude, recession fears

    NEW YORK (Reuters) - Shares of oil majors fell sharply across the globe on Friday, as crude oil prices sunk on mounting fears of a global economic recession.

    The slide in crude oil prices came despite OPEC's announcement that it will cut production by 1.5 million barrels a day in a bid to stem the sharp slide in oil prices.

    International benchmark U.S. crude fell 6 percent to $63.93 on Friday and is down about 60 percent from a record high of $147.27 hit in July.

    The Standard & Poor's 500 Oil, Gas & Consumable Fuels Index<.GSPOIG> was down 7.2 percent in early trade.

    Shares of Exxon Mobil Corp fell 7 percent to $65.60, while Chevron Corp dropped 7 percent to $62.16, and ConocoPhillips slid 7.4 percent to $47.87, all on the New York Stock Exchange.

    Shares of BP Plc dropped 9 percent on the London Stock Exchange and 11 percent on the NYSE, while Royal Dutch Shell Plc was off 7.4 percent.

    (Reporting by Euan Rocha; editing by Jeffrey Benkoe)

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