OPEC Meeting, Oil Price Plunge Hits FTSE Energy Shares
November 28, 2014 1:06 pm
The eagerly awaited OPEC meeting yesterday did nothing to combat investors fears as the oil cartels decided to keep oil production at its current levels. As a reaction the price of crude fell sharply to below $70 a barrel and is currently trading at $68.5 dollars a barrel though prices seem to have now stabilised somewhat.
However, this has had a knock on effect on all energy shares this morning with FTSE giants BG Group (BG.L) and BP (BP.L) both falling heavily and taking the FTSE index down with them.
BG Group (BG.L) is down 7.7% at lunchtime and currently trading at 915.20p.
BP (BP.L) is down 2.55% at lunchtime and currently trading at 415.40p.
The FTSE index is moving back towards 6700 after dropping as low as 6665p this morning.
On the flip side, shares in Airlines made small rises this morning on the prospect of cheaper fuel, however these gains where soon erased.
The eagerly awaited OPEC meeting yesterday did nothing to combat investors fears as the oil cartels decided to keep oil production at its current levels. As a reaction the price of crude fell sharply to below $70 a barrel and is currently trading at $68.5 dollars a barrel though prices seem to have now stabilised somewhat.
However, this has had a knock on effect on all energy shares this morning with FTSE giants BG Group (BG.L) and BP (BP.L) both falling heavily and taking the FTSE index down with them.
BG Group (BG.L) is down 7.7% at lunchtime and currently trading at 915.20p.
BP (BP.L) is down 2.55% at lunchtime and currently trading at 415.40p.
The FTSE index is moving back towards 6700 after dropping as low as 6665p this morning.
On the flip side, shares in Airlines made small rises this morning on the prospect of cheaper fuel, however these gains where soon erased.
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