crude oil

No need to panic over oil price in freefall

Oil prices have jumped to a nine-month high on mounting concerns turmoil in Iraq may have a negative impact on global supplies.

The Indian rupee has plummeted to a record low as the soaring oil price and internal economic problems continue to derail growth.

The price of oil has broken through $100 a barrel for the first time in almost a year, amid concerns the political turmoil in Egypt could disrupt Middle East supplies.

BP shares fell almost 4% in morning trading as the cost of litigation following the US Gulf oil spill led to sharp losses for the group in Q2.

Oil futures have risen to a five-month high on hopes of stronger demand for fuel following the announcement of the Spanish bailout.

Global equity indices surged higher after China cut interest rates for the first time in four years in a bid to support growth and combat economic slowdown.

Reports of a 'light sheen' of oil found near production sites in the Gulf of Mexico sent shares in the UK oil majors lower this morning.

Brent crude oil prices fell 1.1% to $123.53 to last night as it emerged leaders of developed economies are in talks to release emergency reserves to push fuel prices lower.

Rising tensions between Iran and the rest of the world could prompt a sharp correction in equity markets, according to Lorne Baring, managing director of B Capital Wealth Management.