Oil hike overshadows FTSE gains

Aug 21 2008 By Aled Blake, Media Wales A STIFF hike in oil prices cast a cloud over the London market today as they helped wipe out some solid gains enjoyed during earlier trading. Light, sweet crude leapt more than six dollars to top $121 a barrel for the first time in around two weeks amid fears the ongoing tension between Russia and the West may affect global supplies. It saw the FTSE 100 Index close 1.6 points down at 5370.2, obliterating a healthy 30 point gain see earlier in the session. The dip came as New York opened on the back foot thanks to the oil spike and continued fears for the financial sector. London’s drop overshadowed a strong session for housebuilders after investors were cheered by Persimmon’s half-year results. Relief that sales had not worsened further in a tough market and a lack of unpleasant... [read full story]