oil

BP is in last minute talks with Russian state oil firm Rosneft in attempt to salvage the proposed $16bn (£9.9bn) share swap deal before the midnight deadline tonight.

Infrastructure

Clive Capital, the world's largest commodity hedge fund, lost $400m following a collapse in the oil price last week, the FT reports.

Royal Dutch Shell has seen a 41% increase in profits in Q1, fuelled by the soaring price of oil.

Legg Mason's US equity veteran Bill Miller said US large caps have become "an empty stadium" as investors flock to the "overvalued" commodities sector.

Equity markets in South East Asia are trading at a one-year high, despite rising commodity prices and oil hitting $120 a barrel, said SooHai Lim at Barings.

BP ONE YEAR ON

ON SPECIALIST MARKETS

BP has extended the deadline for completing a share swap deal with Russian oil giant Rosneft until 16 May, as reports suggest talks with AAR about the British oil firm buying out its Russian partner in joint venture TNK-BP have "more or less collapsed"....

The oil price fell by as much as $3.25 a barrel on Tuesday after the world's biggest commodity trader called the top of the market for crude and a range of other commodities.