Morning in brief: Oil hits 43-month high, Greek bailout delayed

Disputed reports of a damaged pipeline push oil prices higher, while BAE Systems intends to go ahead with most of its planned job cuts.

Oil prices jump to their highest since mid-2008, with Brent crude hitting $128.40 a barrel, after disputed reports spread that a Saudi Arabian pipeline had exploded, the Financial Times says.

British defence contractor BAE Systems expects to progress with 2,000 of the 3,000 job cuts it targeted in the autumn of last year despite an appeal from prime minister David Cameron for more workers to be kept on, according to the Guardian.

Greece’s €130 billion (£110 billion) bailout package is delayed for another week after European Union ministers say the loan must come after the country’s debt swap with private bondholders on March 8, the BBC reports.

Retail sales in Germany unexpectedly decline by 1.6% month-on-month after consumer spending is dented by the inflation coming on the back of high oil prices, according to Bloomberg.