Oil boosts public finances
Tax from soaring oil prices has boosted public finances for July, official statistics have revealed.
Tax from soaring oil prices has boosted public finances for July, official statistics have revealed.
Oil prices have fallen for a fourth day as Tropical Storm Fay missed oil operations in the Gulf of Mexico.
The FTSE 100 finished up today, at 5,497.40 on higher oil and commodity prices.
Mining and oil stocks led a slight recovery for the FTSE 100 this morning, following yesterday's falls.
A new report has warned an 'oil crunch' looms on the global horizon, unless there is a dramatic reduction in demand.
Shell first half profits have soared 33 per cent on surging oil prices, as trade unions and environmentalists demand a windfall tax for oil companies.
BP has posted a six per cent profit rise to $6.8 billion for the second quarter on the higher price of oil.
EasyJet is to cut flights in response to high oil prices, following a similar from budget rival Ryanair last week.
Energy firm BG Group has posted a 92 per cent increase in second quarter operating profit to £1.4 billion on soaring oil prices.
Oil prices have slipped to a six-week low as hurricane Dolly appears to be missing oil interests in the Gulf of Mexico.
Ryanair is closing seven European bases and ground eight planes at Stansted this winter.
Political turmoil around the world has sent oil prices soaring to a new record of over $147 a barrel.
Analysts are predicting the return of the bear market this morning as the FTSE 100 index dipped to 5,420.5 by 08:40 BST.
US Treasury secretary Henry Paulson today warned high oil prices increase risks to the US economy.
Crude oil hit a new high in New York yesterday, trading above $144 a barrel as economists predicted the European Central Bank (ECB) would raise its interest rate today.