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Oil giants' woes drag down FTSE 100 Oil giants' woes drag down FTSE 100
(about 4 hours later)
(Open): London's leading shares fell in early Tuesday trading, as poor results from oil giants weighed on the market. (Noon): London's leading shares fell in Tuesday morning trading, as poor results from oil giants weighed on the market.
BP was the biggest loser on the FTSE 100, falling 6.6%, after it announced a 51% fall in its annual underlying profits. BP was the biggest loser on the FTSE 100, falling 8.6%, after it announced a 51% fall in its annual underlying profits.
Rival Royal Dutch Shell also fared badly, shedding 2%. Shell has warned that its results are likely to show a similar fall in profits. Rival Royal Dutch Shell also fared badly, shedding 4%. Shell has warned that its results are likely to show a similar fall in profits.
Overall, the FTSE 100 was down 0.68% or 41.19 points at 6,018.91. Overall, the FTSE 100 was down 1.7% or 103.22 points at 5,956.88.
Oil prices have fallen more than 70% since mid-2014, hit by the slowing global economy, the strong US dollar and oversupply.Oil prices have fallen more than 70% since mid-2014, hit by the slowing global economy, the strong US dollar and oversupply.
On the currency markets, the pound was down 0.26% against the dollar to $1.4396. On the currency markets, the pound was down 0.16% against the dollar at $1.4411.
It was 0.37% lower against the euro at €1.3205. It was 0.39% lower against the euro at €1.3202.