Brent has advanced on speculation that the drop in prices below $80 a barrel for the first time in four years increases the likelihood that the Organisation of the Petroleum Exporting Countries (Opec) will curb output.

Banking stocks suffered more heavy losses today as the latest wave of market turmoil wiped another 2.5% from the value of the FTSE 100 Index.

Traders shrugged off sovereign debt woes and sustained violence in Libya as reassuring results from Next and B&Q owner Kingfisher boosted the retail sector.

An improved outlook on the crisis in Libya and a raft of positive blue-chip updates saw the FTSE 100 Index break back through the 6000 barrier today.

Blue chip stocks remained deep in the red and oil prices surged past $110 a barrel as the crisis in Libya showed no sign of easing today.

THE ISEQ index increased 9.86 points to end the session at 2,989.08 yesterday. Other European share prices also edged, supported by strong earnings from French bank Societe Generale and Dutch brewer Heineken.

OIL prices dropped nearly $1 to below $60 a barrel yesterday.

Following Bernankes comments regarding US inflation risks and associated intervention options to support the currency, the collar staged a rally which saw oil fall to its lowest level for two weeks.

Crude oil prices spiked yesterday on the EIA data and comments by Fed chairman Bernanke.

Yesterday was a record day on the oil markets with both US WTI & Brent reaching new peaks.

Brent crude yesterday hit a record $84.49 on continuing tensions over possible Turkish action against the Kurds in Northern Iraq and the projected tightness of the market in the winter months.

Investment flows into Brent crude saw prices touch an eleven month high of $76.63/bbl yesterday.

The ISEQ index of Irish shares was down 80.58 points to 9584.67 today, despite the announcement that Brent crude oil prices are expected to fall sharply.

The Football Association will make improvements to its computer system after unprecedented numbers of people logged on to buy tickets for the first game at the new Wembley stadium.

Oil prices retreated from close to record highs today after OPEC agreed to raise production by 500,000 barrels a day.

Encouraging signals from OPEC that it would raise production had the immediate and desired effect of lowering record-high oil prices, but analysts were wondering whether the measure would prevent a worldwide crisis.

Reports of US-led military advances in Baghdad and Basra helped keep London’s leading shares hold firmly in positive territory today as the FTSE 100 Index targeted its fifth day of gains.

Investors were lured back to the London market today as the benchmark FTSE 100 Index gave some signs of recovery after recent falls.

Oil prices rebounded early today after finishing lower the previous day.

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