Oil companies lead Ftse lower as crude prices fall

Britain’s top equity index edged lower yesterday, with a decline for commodities stocks such as BP and Royal Dutch Shell overshadowing gains in travel group TUI.

The blue-chip Ftse 100 index closed down 0.3% at 6,550.74 points.

Oil producers and oilfield service providers led the losers as US crude oil prices dropped to their lowest in almost six-and-a-half years, with stockpiles and refinery shutdowns heightening fears about global oversupply.