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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. |
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. |