The London market has dived deep into the red once more amid falling oil prices and as blue chip giant BP posted its largest annual loss for at least 20 years.
The oil major slumped into the red by 5.2 billion US dollars (£3.6 billion) in 2015 and revealed another 3,000 job cuts, surpassing even the mammoth losses seen in the wake of the Deepwater Horizon explosion and oil spill in the Gulf of Mexico in 2010.
The FTSE 100 Index dived 86.9 points to 5973.8 as Brent Crude fell by more than half a US dollar to 33.67 US dollars (£23.45) a barrel, darkening prospects for global trade.
World stock markets have become linked to the falling price of oil in recent weeks.
BP was the biggest top flight faller, down 7%, or 25.5p, to 241.5p.
Royal Dutch Shell, which posts its annual results later this week, was 42.5p lower at 1458p.
Supermarket chain Sainsbury’s was one of the few risers in the top flight, up 3%, or 7.4p, to 252.1p, after it offered up to £1.3 billion to take over Argos owner Home Retail Group.
FTSE 250 firm Home Retail said it “believes in the prospects for the standalone company”, but added the possible offer provides an “attractive opportunity” for its shareholders to receive full valuation for their shares.
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