FTSE down slightly after oil move

A drop in oil prices triggered by a joint US and UK move to release strategic reserves pulled energy stocks and the wider FTSE 100 Index into the red today.

Britain and America have reportedly agreed to cooperate to dampen high oil prices in a bid to prevent higher costs from hitting economic growth, causing the price of Brent crude in London to dip nearly 1% to US$123.4 a barrel.