FTSE 100 OPEN: Energy companies slip to the bottom

Oil companies were among the biggest fallers early on, as it emerged that the US and UK leaders were considering releasing reserves to combat high prices.

BP and Cairn Energy were at the bottom of the performers table, as share prices dropped 1.1% to 493.45p and 332.7p, respectively.

Biopharmaceutical company Shire and oil and gas services company Petrofac both dropped 1% to 2,205p and 1,689p, respectively, while Royal Dutch Shell saw its ‘A’ share class drop 0.9% to 2,259p.

Conversely, Essar Energy was the biggest riser with share price increased 1% to 113.5p.

Asset manager Schroders and real estate investor Hammerson both saw share price increase by 0.9% to 1,293p and 423.7p, respectively.

Miner Rio Tinto was up 0.8% to 3,506.5p and engineer IMI rose 0.7% to 1,015p.