Brent crude oil dropped below $70 a barrel on Thursday, taking losses over the last two sessions to more than 3 per cent as traders weighed the risks from a US-China trade war and rising inventories in the US.
Brent was down 1.7 per cent in late-morning trading in London to $69.77 a barrel, while US marker West Texas Intermediate lost a similar amount to trade at $60.35 a barrel.
The sell-off weighed on oil companies traded in London, with BP and Royal Dutch Shell both losing 2.2 per cent, while midsized oil and gas explorers were some of the biggest fallers on the FTSE All-Share index.
The index tracking oil and gas companies on the FTSE 350 was down 2.4 per cent, setting it on course for its sharpest drop since the beginning of the month. Premier Oil fell more than 7 per cent, Read More