Oil tumbles over economy fears
Oil has fallen to below $56 a barrel amid more gloomy news on the global economy and a lack of action from the G20 over the weekend.
Oil has fallen to below $56 a barrel amid more gloomy news on the global economy and a lack of action from the G20 over the weekend.
Global panic about the economic downturn has sent oil prices to a 20-month low, sending commodity stocks lower on the FTSE 100.
Hundreds of litres of heating oil have been stolen in the latest Powys fuel theft.
Oil giant BP has increased its third quarter profit by 148 per cent on the soaring price of crude.
Oil cartel Opec is expected to recommend a cut in production later today when it holds its extraordinary meeting in Vienna.
Bookies and analysts are cutting their forecasts for oil as the market price hits yearly lows.
Demand for oil is expected to shrink next year as the price of the commodity fell to its lowest level in over a year.
Opec is to cut oil production to 2007 levels in a bid to stop falls in prices.
Crude oil prices have been volatile ahead of an Opec meeting and the impending arrival of Hurricane Ike in the Gulf of Mexico.
The FTSE 100 opened slightly higher at 5,503.20 but by 08:53 BST had slipped back 2.8 points ahead of the Bank of England's interest rate decision later.
Ongoing falls in oil and metals prices sent the FTSE 100 plummeting 121 points to 5,499.70 at close of trade, with shares down across all sectors.
The FTSE 100 fell slightly on opening to 5,599.90 on weak metal and oil prices.
The FTSE 100 closed 33.80 points lower at 5,602.80 on a gloomy economy and the impact of Hurricane Gustav.
Crude oil prices have soared again after recent falls as Tropical Storm Gustav threatens oil operations in the Mexican Gulf.
Tax from soaring oil prices has boosted public finances for July, official statistics have revealed.