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BP, Royal Dutch Shell lead oil sector lower on crude prices

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by Elaine Frei
BP, Royal Dutch Shell lead oil sector lower on crude prices

The oil sector declined in London Tuesday as crude oil prices dropped sharply, helping send the FTSE 100 1.31 percent lower to 5,440.5 while the FTSE 250 dropped 1.66 percent to 8,480.1

Among oil producers, BP (LSE: BP; NYSE: BP; TYO: 5051) was down 3.4 percent while Royal Dutch Shell (LSE: RDSA, RDSB; NYSE: RDS.A, RDS.B) dropped 2.3 percent, while miners saw declines on lower base metals prices.

In Europe, equities were lower as banks saw declines on credit market concerns.

The Eurofirst 300 was down 1.47 percent to 1,161.38 while the Dax fell 1.43 percent to 6,304.41, the CAC-40 was 1.54 percent lower to 4,275.61 and the IBEX dropped 1.56 percent to 11,794.7.

Equities markets in the Asia-Pacific region saw declines as investors remained worried about losses in credit markets.

The main exception to the declines was in China, where the Shanghai Composite added 0.81 percent to 2,814.95.

In Tokyo, the Nikkei 225 was down 2.45 percent to 13,033.1 while the Topix index fell 2.23 percent to 1,283.51 and the Mothers market dropped 1.92 percent to 533.14.

Elsewhere in the region, the Sensex was down 1.3 percent to 13,349.65 while in Australia the Sydney Ordinaries fell 1.36 percent to 5,022.4 and the S&P/ASX200 was 1.39 percent lower to 4,932.9.

The Straits Times Index dropped 1.62 percent to 2,886.62, the Kospi was down 2.93 percent to 1,533.47, the Hang Seng fell 3.16 percent to 21,220.81 and the Taiex was 3.94 percent lower to 7,051.85.

In afternoon trade in New York, the Dow Jones Industrial Average was up 0.23 percent to 11,257.52 while the Nasdaq Composite had added 0.54 percent to 2,255.34 and the S&P 500 had gained 0.25 percent to 575.2.

Crude oil prices dropped substantially for the second day in a row, while most metals prices were down and grains prices were mixed.

The yen was stronger against a number of major currencies while the dollar gained on the euro.

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News posted: July 8, 2008

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