Shares plunge as oil price climbs to $90 record

20 10 2007 United Kingdom

On the twentieth anniversary of Black Monday, the FTSE closed down 81 points at 6,527.9, a loss of 1.2 per cent on the previous day’s close.

Warnings over the threat of a recession also drove shares down in the US, the Dow Jones index falling by 2.6 per cent on the day.

The price of crude oil reached $90 a barrel and the price of fuel at the pumps across forecourts in the UK went above £1 a litre for diesel and petrol averaged more than 97p a litre.

Weakening of the dollar pushed sterling above $2.05 and the Euro rose to a record $1.43. The markets expect further weakening of the dollar in the coming weeks, with speculation of a recession in the US economy.

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