Oil shares were decimated in London this morning after a crude price war erupted between Saudi Arabia and Russia.
Eight of the “top 10 fallers” on the London Stock Exchange were energy companies this morning.
Premier Oil one of the hardest hit, suffering a 55% drop to 27.8p, while Tullow Oil sank 36% to 15p.
Others on the list were oilfield services firm Hunting, down 20% to 216p, Cairn Energy, 20% lower at 96p, and BP, down 18% to 323p.
EnQuest dropped 17% to 15p and Shell sank 14.5% to £13.65 per share.
More to follow.