crude oil

World markets have responded positively to Brent crude futures falling by more than $3 after the Arab League said it was considering stepping in to end the crisis in Libya.

Troubled oil giant BP will restore dividends next year at 65% below its previous payout level, derivative prices show.

Investec Global Energy fund managers Jonathan Waghorn and Mark Lacey have used the BP-led downturn to add to a number of stocks "unjustly punished" by the Gulf of Mexico disaster.

Henderson's Stephen Peak has made stricken oil giant BP the top holding in his £288.2m UK Alpha fund after not owning the stock just six weeks ago.

BP is looking for sovereign wealth funds or rival groups to take a 5-10% stake in the oil giant as the fallout from the Gulf of Mexico disaster continues.

Chancellor George Osborne says troubled oil giant BP remains a "very strong company" and has the resources to cover the Gulf of Mexico oil spill costs.

Schroders, the largest shareholder in Gulfsands Petroleum, has called on the UK explorer to open talks with two Indian suitors.