FTSE 100 slips 1% in early trading as oil firms feel the pressure

The UK’s benchmark index the FTSE 100 has fallen by more than 1 per cent in early trading with resources firms taking the index lower. 

The blue-chip index was off by 86.16 points by 8:50am on Friday as the oil majors and services groups continued to feel the strain of lower crude prices.

Tullow Oil was off by 4 per cent at 358.88p, as was Petrofac, which was trading at 694p. BP and Royal Dutch Shell slipped 2 per cent apiece to 391.25p and 2,009p respectively.

House builder Persimmon was also feeling the pressure, with its shares off by 4 per cent at 1,516p while miner Anglo American was down 2 per cent at 1,146.5p.

Utility groups were however taking up the slack with water giant Severn Trent climbing 3 per to 1,969.35p and United Utilities, also 3 per cent higher at 899p.