Newspaper article The Journal (Newcastle, England)

Strengthening US Dollar Hitting Price of Oil; FTSE 100

Newspaper article The Journal (Newcastle, England)

Strengthening US Dollar Hitting Price of Oil; FTSE 100

Article excerpt

Byline: TOM DANIELS Brewin Dolphin

London's FTsE 100 Index closed marginally down yesterday by 0.58 points, or -0.01%, to 6105.9.

This slightly pared the market's post-Easter rally as oil prices retreated due to a firmer Us dollar amid hopes for rate-hike hints from Federal Reserve boss Janet Yellen, with the banks also falling after the Bank of England tightened capital requirements. Among equities, miners were the main drag on sentiment for the FTsE 100 index as the rally by the Us dollar put pressure on metal and oil prices, with Brent Crude down by over 2.5% to $39 a barrel. Anglo American lost 4.3% to 479.1p, BHP Billiton was off3.6% at 750p and gold miner Randgold Resources shed 1.3% to 6280p.

Conversely, a number of banking shares fell into negative territory following a Financial Policy Committee (FPC) report stating that there are risks to the financial sector amid uncertainty ahead of the vote on the UK's standing within the European Union. …

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