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Oil giants' woes drag down FTSE 100 | Oil giants' woes drag down FTSE 100 |
(about 4 hours later) | |
(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 8.6%, after it announced a 51% fall in its annual underlying 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 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 0.16% against the dollar at $1.4411. | |
It was 0.39% lower against the euro at €1.3202. |