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Sliding oil price hits FTSE 100 Sliding oil price hits FTSE 100
(35 minutes later)
(Open): Energy shares pulled the market lower yet again, as the price of Brent crude oil dropped below $60 a barrel.(Open): Energy shares pulled the market lower yet again, as the price of Brent crude oil dropped below $60 a barrel.
The FTSE 100 index was down 26.63 points at 6,156.09 with oil and commodity-related stocks seeing the biggest falls.The FTSE 100 index was down 26.63 points at 6,156.09 with oil and commodity-related stocks seeing the biggest falls.
BP slid 2% and Tullow Oil dropped 1.7%, with oil prices falling to the lowest level since July 2009.BP slid 2% and Tullow Oil dropped 1.7%, with oil prices falling to the lowest level since July 2009.
BT shares slipped 0.4%. On Monday, the firm said it was in talks to buy the EE mobile phone network for £12.5bn. The price of Brent crude fell by more than $1 to $59.75 a barrel, while US crude dropped to $54.85.
"Volatility is likely to continue in the short term as the full effects of a lower oil price ripple through financial markets," said Laith Khalaf, a senior analyst at Hargreaves Lansdown.
"While there are positives to draw from a lower price, these are perhaps further away and less tangible than the obvious negative impact on oil-related stocks."
Mining shares were also hit by disappointing figures from China, with the latest survey of the manufacturing sector indicating that activity has contracted this month.
BT shares rose 1.2%. On Monday, the firm said it was in talks to buy the EE mobile phone network for £12.5bn.
On the currency markets, the pound rose 0.14% against the dollar to $1.5660 and slipped 0.2% against the euro to €1.2551.On the currency markets, the pound rose 0.14% against the dollar to $1.5660 and slipped 0.2% against the euro to €1.2551.