Oil giant BP was under fresh pressure today after American safety officials said budget cuts and a lack of leadership contributed to “significant safety problems” at the group’s Texas City plant, where 15 people were killed in an explosion.

The troubles at UK oil giant BP were laid bare today when it posted falling third-quarter profits.

Oil production at Prudhoe Bay in Anchorage, Alaska was cut to 10% of normal output after a power outage, and more weather related problems forced the trans-Alaska oil pipeline to temporarily go offline.

Oil prices climbed today fuelled by concerns at possible production cuts and worries over how global superpowers will react to North Korea’s nuclear weapons test.

The FTSE 100 Index edged back towards the key 6000 threshold today as merger and acquisition rumours circulated the markets.

Troubles at oil giant BP deepened today after output in the last three months fell even lower than a year ago when production was devastated by hurricanes.

Troubled oil giant BP was dealt a further blow today after problems in Alaska saw production levels fall in the third quarter.

US stocks rose sharply today after Dallas Federal Reserve President Richard Fisher suggested inflation would be dampened by a slowing economy and said that while the housing and vehicle sectors were economic weak points, the rest of the US economy was doing “extremely well”.

Oil giant BP was under fresh pressure today after it emerged safety concerns would delay the start of production at a key field in the Gulf of Mexico.

Oil giant BP is undertaking a root-and-branch review of its global operations following last year’s Texas refinery blast.

OIL prices fell to five-month lows yesterday lifting stocks, while the dollar rose to six-week highs in a mostly technical rebound.

High street clothes store Next leapt to the top of the FTSE 100 Index leaderboard today as the London market ended the week on the front foot.

US Interior Secretary Dirk Kempthorne has got his first look at BP’s pipeline corrosion at Prudhoe Bay as one of the company’s senior executives said a way might be found to return to full oil production before having to replace 16 miles (26 kilometers) of pipes.

BP faced fresh controversy today after shareholders filed a lawsuit against senior executives following the partial shutdown of its Prudhoe Bay oil field in Alaska.

The London market began the week in buoyant mood today after a ceasefire in Lebanon and a downgrade of the terror threat in the UK.

The London market received a much needed boost today after a ceasefire in Lebanon and a downgrade of the terrorist threat in the UK.

BP said it will keep the western half of its Prudhoe Bay oil field online, enabling the company to get the field up to half its prior output despite pipeline corrosion.

BP chiefs have said they might be able to keep one side of America’s largest oil field open, just days after announcing it was closing the entire field because of leaks and severe corrosion.

Alaska’s governor says BP should pay compensation for a state employment freeze because of the millions of dollars lost through the shutdown of America’s biggest oil field.

Oil prices steadied today despite continued uncertainty over the scale of disruption caused by BP’s shutdown of a key Alaskan oilfield.

BP says the corrosion discovered at its huge Alaskan oil field is so severe it could shut down America’s single biggest source of domestic crude for months and drive world fuel prices even higher.

Near-record oil prices today in the wake of an Alaskan oilfield shutdown prompted investors to sell stocks on inflation fears, one day before the Federal Reserve’s next decision on interest rates.

Oil traded near record highs today after the discovery of pipeline corrosion caused BP to close the biggest production field in the United States.

The London market closed in the red today after BP took a major hit following its decision to shut production at a key Alaskan oil field.

Oil production in Alaska has long been a concern for environmental campaigners although companies insist safety and the eco-issues are prioritised above profits.

Market confidence was dealt a double blow today as investors fretted over US interest rates and the impact of BP’s decision to shut a key oil field.

Petrol prices are coming under pressure again as the cost of oil hit $76 a barrel, after BP was forced to shut down its biggest oilfield in the US.

British Petroleum was today said to be facing a criminal investigation into a massive oil spill in Alaska, in which 270,000 gallons of crude leaked into Prudhoe Bay.

FUEL giant BP could face a fine of over €1.7 million as a result of pipeline spill in Alaska, environmental watchdogs said yesterday.

Fuel giant BP could face a fine of more than £1.2m (€1.7m) over a pipeline spill in Alaska, environmental watchdogs said today.

A ROCKET slammed into an American logistics base yesterday near the city of Balad, killing two US soldiers and wounding 26 people, and saboteurs again blew up a key oil pipeline.

Attackers killed the top security official for the state-run Northern Oil company today, in the latest of a string of assassinations on Iraqi leaders.

BP is reported to have discovered widespread operational problems at its Prudhoe Bay oilfield in Alaska.