Morning Markets: Oil revision leads to FTSE woes

The FTSE opened at 5397.70 today, 15.9 points lower than yesterday's close after the Organization o...

The FTSE opened at 5397.70 today, 15.9 points lower than yesterday’s close after the Organization of the Petroleum Exporting Countries agreed to a surprise output cut. OPEC agreed to revise its complex output targets and said the move would effectively cut supplies by half a million barrels per day (bpd). Ministers of OPEC had been widely expected to stick to existing production allocations, which have been in place all year. But they had voiced concern about a growing surplus of oil on the market and prices on Tuesday sank to a five-month low below $102 a barrel, around 30% below a r...