FTSE closes up after oil price fall

Aug 8 2008 By Aled Blake A further sharp slide in oil prices helped power the London market to a positive close today as travel firms and airlines soared on the lower cost of crude. Oil slipping below $114 a barrel at one stage boosted blue chips in late session trading, leaving the FTSE 100 Index 11.7 points higher at 5489.2. Weaker mining stocks and a broker downgrade for Vodafone had dragged on the London market earlier in the day, despite cheer after lower-than-feared losses from Royal Bank of Scotland. Lower oil prices also sent stocks on Wall Street soaring, with the Dow Jones Industrial Average up 2% in early trade. Grim results from US mortgage giant Fannie Mae, whose second-quarter losses were more than triple expectations, failed to halt the crude-inspired rally. In London, NatWest parent RBS rose 7.5p to 240.5p... [read full story]