Commodity stocks weigh heavy on the market following drop in oil price

London’s top flight index struggled to make gains, as commodity stocks weighed heavy on the market following a drop in the price of oil. The FTSE 100 Index was down 1.4 points to 6188.24 following the fresh fall in the price of Brent crude, which edged down by as much as 50 cents since the start of the session before showing signs of stabilising.


FTSE 100 index rallies thanks to rising oil price

London’s top flight index rallied, as the rising oil price helped the market bounce back from Thursday’s three-and-a-half year low. The FTSE 100 Index rose 1.7% or 97 points to 5634.6, as oil stocks rose sharply on the back of a near 5% growth in the price of Brent crude.

Oil & Gas

Oil rally falters on signs of slowing China as OPEC output rises

Oil’s longest rally this year faltered on signs industrial activity in the world’s biggest energy consumer is deteriorating and as OPEC pumps a record amount of crude. Futures lost as much as 2.5 percent in New York to snap a four-day advance. China’s purchasing managers index dropped in January to a three-year low, with the official factory gauge signaling contraction for a record sixth month.

Middle East

Iran says low oil prices will not last long

Iranian President Hassan Rouhani said on Thursday that oil prices would not stay low for long as producers restore market balance. "The price of oil is at a low level ... I don't think it will last in the long term ... The pressure on oil-producing nations means balance will be restored in the short term," Rouhani, whose country is the third-largest producer in OPEC, said at the French Institute of International Relations.


Markets continue revival as oil prices rise

Markets were up strongly for the second day in a row, as oil prices rose at the end of a turbulent week. The FTSE 100 Index was up 140.5 points to 5914.5, following positive overnight trading in Asian markets.

North Sea

Schlumberger says it will focus on ‘adapting’ to UK market

Oilfield services company Schlumberger said it will continue to 'adapt' to the North Sea oil and gas industry as the oil price continues to stay lower for longer. The company described the situation in the UK as "challenging" after revealing it had cut 10,000 jobs while also reporting a loss of $1billion during the final quarter of last year.

Oil & Gas

Report says wider Scottish economy affected by low oil price

A report has claimed the downturn in the oil and gas industry could be having a wider impact on the Scottish economy. The Scottish Chambers of Commerce said the effect of lower oil prices could be extending beyond businesses operating directly in the sector. The latest quarterly report received responses from 477 firms in Scotland.


Opinion: The disappearing oil price formula

In the first 7 days of 2016, the S&P GSCI Crude Oil Excess Return lost 17.8%, making it the worst start for oil in history. Now the index has recorded a new maximum drawdown of 92.8% since its peak on July 3, 2008.


Oil price turbulence behind another dip in trading

The troubled start to the new year continued as global markets tumbled amid oil prices slumping to new 11-year lows. London’s FTSE 100 Index fell 63.9, points to 6073.4, with indices across Europe also sharply lower as Brent crude dropped below 35 US dollars a barrel.