NewsBeat
FTSE 100 Live 09 March: Index slumps, oil price tops $100 amid output cuts
Derren Nathan, Hargreaves Lansdown head of equity research, said: “Oversupply in the global oil market has been a dominant theme in recent months, but a 70% production cut at Iraq’s three main oilfields, and a sharp fall in output from Kuwait could be followed by similar moves in the UAE and Saudi Arabia as storage reaches capacity.