The FTSE 100 slumps to a new yearly low amid crumbling oil prices
Britain's FTSE 100 closed down again today taking the index to its lowest level this year, as crumbling oil prices and fresh concerns about Russia's economy scared investors.
The FTSE 100 shed another 1.9 per cent to close down 117.9 points at 6,182.7 which was its lowest closing level since mid-2013.
It fell 6.6 per cent last week and has lost around eight per cent since the start of this year.
The blue-chip FTSE index has been particularly hard hit slumping global oil prices because oil and resource companies make up a large part of its weighting.
Brent crude fell to nearly $60 a barrel and the Russian rouble tumbled 11.6 per cent against the US dollar today.
Sky was a big loser closing down 4.4 per cent after media regulator Ofcom said it could allow BBC and ITV to charge satellite pay-tv companies such as Sky for carrying their channels.
Other big fallers were oil and resources companies such as BHP Billiton which closed down 3.7 per cent, BP whose shares shed 3.2 per cent and BG Group which dropped 2.9 per cent.
Banks' shares also suffered as Royal Bank of Scotland sank 3.2 per cent and Barclays lost 3.1 per cent.