FTSE heads for worst week since 2012 as oil woes continue

The FTSE 100 has fallen a further 1.5% this morning, taking losses for the week to over 5%, as investors continue to fret over a plunging oil price and latest developments in the eurozone.

The blue chip index stood down 1.5% at 6,365 by mid-morning and is now down 5.5% since the start of the week, its worst weekly performance since May 2012 as it stands. Oil stocks were once again hard hit as the price of Brent crude continues to sink. Brent briefly fell below $60 a barrel yesterday and remains at $63 this morning after the International Energy Agency (IEA) cut demand growth forecasts for next year. The IEA cut its 2015 demand growth prediction to 900,000 barrels per day, 230,000 less than its November forecast. The agency now predicts total production of 93.3m barre...