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		</div><p><a href="http://londonglossy.com/wp-content/uploads/2011/02/ftse-retreats-as-oil-prices-soar.jpg"><img class="alignnone size-full" title="The FTSE 100 index dropped 23 points lower to 5900 by mid session" src="http://londonglossy.com/wp-content/uploads/2011/02/min-ftse-retreats-as-oil-prices-soar.jpg" alt="The FTSE 100 index dropped 23 points lower to 5900 by mid session"/></a></p>
<p>London&#8217;s FTSE 100 Index has retreated for a fifth session in a row &#8211; its worst run since last July &#8211; after the price of oil continued to rise.</p>
<p>The impact on supplies due to the crisis in Libya and fears that the unrest may spread to other oil producing nations meant Brent crude futures jumped to more than 119 US dollars a barrel before settling at 115 US dollars a barrel.</p>
<p>Fears over the potential impact of high oil prices on economic growth meant the FTSE 100 Index continued its poor week, falling by as much as 60 points early on and later standing 23.1 points lower at 5900.4.</p>
<p>IG Index trader Will Hedden said the unrest had put a stop to 500,000 barrels of oil production per day and alarmed investors and businesses alike.</p>
<p>He added: &#8220;Further price increases are likely to put a serious dent in the global economic recovery and could, in a worst case scenario, potentially kick-start double-dip recessions on both sides of the Atlantic.&#8221;</p>
<p>In a busy session for corporate results, part-nationalised Royal Bank of Scotland fell 4% or 2.1p to 45.3p as losses of £1.1 billion came in higher than market expectations, offsetting comments from chief executive Stephen Hester that the bank&#8217;s five-year turnaround plan remained on track.</p>
<p>Lloyds Banking Group, which is due to post profits of around £2 billion in results on Friday, dropped 0.7p to 64.8p.</p>
<p>Centrica was also under pressure, falling 2.3p to 332.8p, as it reported a 29% jump in profits to £2.4 billion, a performance that included a record surplus of £742 million from its British Gas residential arm.</p>
<p>Analysts said the results did little to ease fears that Ofgem could refer the energy sector to the Competition Commission for further investigation.</p>
<p>Support services firm Capita topped the risers board, lifting 36.75p to 706.75p, after a 12% rise in underlying profits and a record pipeline of contract bids at £4.7 billion. It cheered investors by saying its markets were becoming more active and that it stood to benefit from this trend.</p>
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