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Oil shares lead London shares lower Oil firms lead London shares lower
(about 4 hours later)
(Noon): Oil firms dragged the FTSE 100 lower on Monday, with the index extending early losses. (Close): The FTSE 100 closed 2% lower at 6417 dragged down by concerns over Greece's future within the eurozone and oil firms as the price of Brent crude continued to tumbled for another day.
Tullow Oil, BP and Shell, were among the worst performers as the price of Brent crude fell below $55 a barrel, to its lowest level since March 2009. Brent crude fell 6% to $53.02 per barrel its lowest level since May 2009.
At midday, the FTSE 100 was down by 0.92%, or 60.4 points, to 6,487.37. Tullow Oil, BP and Shell, were among the worst performers on the blue chip index.
Marks and Spencer shares also fell sharply, down more than 3%. The company publishes its Christmas trading statement later this week. BP was one of the worst hit companies losing 5% to 389.70p.
Tullow Oil lost 4.3% to 396.40p, while Shell lost 4.06% to 2080p.
Marks and Spencer shares also fell sharply, down 4.25% to 456.80p. The company publishes its Christmas trading statement later this week.
The investment bank SocGen downgraded its rating on the company to "hold" from "buy".The investment bank SocGen downgraded its rating on the company to "hold" from "buy".
On a brighter note, shares in the budget airline Ryanair hit a new record after it said that December traffic grew by 20%.On a brighter note, shares in the budget airline Ryanair hit a new record after it said that December traffic grew by 20%.
On the currency markets, the pound fell 0.54% against the dollar to $1.52450 and gained 0.22% against the euro to trade at €1.2800. On the currency markets, the pound fell 0.62% against the dollar to $1.523 and gained 0.09% against the euro to trade at €1.278.