Anglo American down 10% as oil drops below $30 again

Big five miners all posting falls

Mining firms are plunging this morning after the price of oil fell back to less than $30 a barrel, wiping out yesterday's gains.

Anglo American was the worst-hit firm, falling more than 10% this morning to 234.6p, while Glencore was down 8% and BHP Billiton fell 6%. Antofagasta and Rio Tinto both dropped 5%. Today's falls follow a rebound yesterday, when the oil price hit $31.20 and the price of metals rallied. The oil price initially fell below $30 on Tuesday for the first time in 12 years and has fallen 10% this week. It is currently trading at $29.79 per barrel. Oil prices drop to lowest since 2004 Ongoing concerns about the slowdown in China have also affected the markets around the world all week. ...