Oil prices slid after a meeting between major producing nations on a proposed output freeze fell apart, leaving the world grappling with an excess of unwanted crude.

An alcoholic rogue trader who cost his company £6m (€7.4m) after a drunken golf weekend was today fined £72,000 (€89,000) and banned for a minimum of five years by the City watchdog.

An oil broker suffered losses of £6m (€7m) after a suspected rogue trader allegedly carried out unauthorised trading, according to reports.

Crude oil prices plunged more than 1 dollar a barrel today as tensions eased in the stand-off between Britain and Iran over captive British military personnel.