Oil prices tumble on production fear

Oil prices tanked on the back of reports suggesting that oilproducing countries would ramp up production levels.

Towards the end of the session Brent crude prices were down 3.3% to $76.202 per barrel after a Reuters report said Saudi Arabia and Russia were in talks about raising oil production by 1 million barrels a day.

Against the dollar, sterling was down 0.51% at 1.331.

This was due to the strength of the greenback, with the US dollar index hitting its highest level in six months.

The pound was flat against the euro at 1.141, although the single currency was on rocky ground amid political uncertainty.

The FTSE 100 closed up 13.54 points at 7,730.28.

The Cac 40 in France was 0.18% lower, and the Dax in Germany was up 0.65%.