Collapsing oil prices sends FTSE 100 plummeting – CityAM : CityAM

A collapse in oil prices today sent shares in industrials and mining companies plummeting, dragging London’s FTSE 100 down over 1.5 per cent.

The capital’s premier index slid to 7,059.58 points in the first hour of trading.

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International benchmarks WTI and Brent Crude plunged this morning by 3.01 per cent and 2.51 per cent respectively. The falls caused prices to hit a three-month low.

Lower oil prices weighed heavily on shares in blue-chip giants BP and Anglo American, down 4.18 per cent and 10.31 per cent respectively.

Meanwhile, the mid-cap FTSE 250 lurched deep into the red, dipping 1.08 per cent to 23,577.75 points. AIM shares did not fare much better, falling 0.47 per cent to 1,260.43 points.

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The pound lost ground on the greenback, falling 0.48 per cent to $1.3690.

More to follow.