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Sliding oil price hits FTSE 100 FTSE 100 boosted by low inflation
(about 3 hours later)
(Open): Energy shares pulled the market lower yet again, as the price of Brent crude oil dropped below $60 a barrel. (Noon): The FTSE headed higher after lower-than-expected inflation data made the prospect of an early rise in interest rates even less likely.
The FTSE 100 index was down 26.63 points at 6,156.09 with oil and commodity-related stocks seeing the biggest falls. The UK inflation rate fell to 1% in November - a 12-year low - down from 1.3% in October, with cheaper fuel a key factor behind the change.
BP slid 2% and Tullow Oil dropped 1.7%, with oil prices falling to the lowest level since July 2009. The news sent the FTSE 100 higher, rising 41.20 points to 6,223.92.
The price of Brent crude fell by more than $1 to $59.75 a barrel, while US crude dropped to $54.85. Earlier the index had fallen as oil-related stocks were hit by the continuing drop in crude prices.
The price of Brent crude fell below $60 a barrel early on Tuesday and then continued to decline, eventually dropping below $59 for the first time since May 2009.
"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."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.""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.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. BT shares rose 1.5%. 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 0.56% against the dollar to $1.5726 but fell 0.16% against the euro to €1.2555.