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FTSE down as energy shares fall FTSE down as energy shares fall
(about 3 hours later)
(Open): The FTSE fell sharply in early trade as energy shares continued to suffer from the decline in oil prices. (Noon): Falling oil prices and weak economic data from China combined to push the market down sharply.
Brent crude touched $63 a barrel early on Friday while the price of US crude remained below $60. The FTSE 100 was down 98.70 points, or 1.5%, at 6,363.00. Oil-related stocks saw big falls after Brent dipped below $63 a barrel while the price of US crude remained below $60.
The FTSE 100 was down 88.47 points, or 1.4%, at 6,373.23, with oil-related stocks seeing big falls. Oilfield services firm Petrofac fell 4.4%, while oil giants BP and Shell were both down by about 2%.
Shares in Tullow Oil and oilfield services firm Petrofac both fell 4.1%, while oil giants BP and Shell were both down by about 2%. Disappointing industrial production data from China hit mining shares.
Disappointing economic data from China hit shares in mining stocks, as the country is the world's largest importer of raw materials. Factory output in China in November was up 7.2% from a year earlier, but this was down from a rate of 7.7% in October.
China's industrial production in November rose 7.2% from a year earlier, down from a rate of 7.7% in October. China is the world's largest importer of raw materials so the health of the economy has a big impact on commodity-related stocks. Among the mining firms, Anglo American fell 2.2% and BHP Billiton dropped 2%.
Among the mining firms, Anglo American fell 2.6% and BHP Billiton dropped 2.4%. Utility companies were among the few risers on the market after industry regulator Ofwat set out price limits for the sector for the next five years.
Utility companies's shares rose after industry regulator Ofwat set out price limits for the sector for the next five years.
Ofwat said prices in England and Wales would fall by 5% on average, excluding inflation, by 2020.Ofwat said prices in England and Wales would fall by 5% on average, excluding inflation, by 2020.
Shares in Severn Trent rose 2.5% and United Utilities was 3.2% higher following the announcement. Shares in Severn Trent rose 0.8% and United Utilities was 2.7% higher following the announcement.
On the currency markets, the pound slipped 0.07% against the dollar to $1.5719, and fell 0.45% against the euro to €1.2620.