Oil drops on increased US drilling

Oil drops on increased US drilling

The FTSE 100 was up 0.574pc at 7,111.79 ahead of midday trading, despite underwhelming GDP data, which showed GDP in December tumble 0.4pc.

Miners BHP and Evraz were amongst the index’s top performers, up 1.33pc and 2.09pc respectively.

International benchmark Brent crude slipped 0.34pc at $61.89 as oil prices fell on increased US drilling and a refinery fire in Illinois resulted in the closure of a large distillation unit. Concerns over economic growth curbing fuel demand also weighed on oil markets.

Sterling fell 0.3pc to lows of $1.2895 against the dollar after economic data showed Britain’s economic grew at its slowest rate since 2012 as Brexit uncertainty hitting investment.

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