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Oil price hits new 5-year lows.

LONDON, Safar 18, 1436, Dec 10, 2014, SPA -- Britain's main equity index fell on Wednesday for a third consecutive day as a further drop in the price of oil hit energy stocks, Reuters reported.

The blue-chip FTSE 100 index closed down by 0.5 percent, or 29.43 points, at 6,500.04 points - its lowest closing level since early November.

The blue-chip FTSE 100 index closed down by 0.5 percent, or 29.43 points, at 6,500.04 points - its lowest closing level since early November..

Brent crude oil fell to a new five-year low below $65 a barrel on mounting signs of oversupply and lacklustre demand as global economic growth falters.

Oil and gas services group Petrofac fell 3.4 percent, making it the worst-performing FTSE stock in percentage terms, hit by the lower oil price and a downgrade from credit rating agency Moody's.

The blue-chip FTSE 100 index closed down by 0.5 percent, or 29.43 points, at 6,500.04 points - its lowest closing level since early November.

The FTSE hit a peak of 6,904.86 points at the start of September, its highest level since early 2000, but slumped to 15-month lows in October on weak European economic data.

Beaufort Securities sales trader Basil Petrides said he would hold off buying the FTSE at present, given uncertainties generated by the oil price moves and political concerns in Greece.

-- SPA

20:18 LOCAL TIME 17:18 GMT

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Publication:Saudi Press Agency (SPA)
Date:Dec 10, 2014
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