Despite the continuing plunge in the oil price – which saw UK inflation come in lower than expected – leading shares were in an upbeat mood, helped by an opening rise on Wall Street as Alcoa began the US reporting season in a positive fashion.
But the crude price fall, with Brent down another 3% to $45.9 a barrel, put oil shares under renewed pressure.
Tullow Oil led the FTSE 100 fallers, down 18p at 368.9p amid reports it planned to cut some of its 2,000 staff in reponse to the lower oil price. Analysts believe many hundreds of jobs could be at risk, as companies cut costs amid lower prices.
via The Guardian
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