Oil prices fell to their lowest in over five weeks yesterday following US data showing an unexpectedly large weekly build in US gasoline inventories and International Energy Agency (IEA) data projecting an increase in non-Opec production.

Australia’s Treasury Wine Estates is opening its books to Kohlberg Kravis Roberts after the private equity giant hiked its takeover offer to $3.15bn (€2.35bn), raising the prospect of a bidding war for the world’s second biggest winemaker.