Continued decline in price of oil acts as headwind for stock markets

The Ftse struggled to make headway yesterday as the falling price of crude dragged on stocks after a key meeting of oil producers ended in stalemate.

The Qatar summit at the weekend saw Saudi Arabia willing to cut production, but Iran continues to increase output following the recent lifting of Western sanctions against it.

The Ftse 100 was up 9.7 points to 6,353.5 as Brent crude dropped 2.8% to more than $42 a barrel after the Doha meeting broke up without agreement.