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		</div><p><a href="http://londonglossy.com/wp-content/uploads/2011/02/oil-price-calming-raises-ftse-hopes.jpg"><img class="alignnone size-full" title="The London Stock Exchange suffered a technical issue so there was no accurate data on the position of the FTSE 100 Index" src="http://londonglossy.com/wp-content/uploads/2011/02/min-oil-price-calming-raises-ftse-hopes.jpg" alt="The London Stock Exchange suffered a technical issue so there was no accurate data on the position of the FTSE 100 Index"/></a></p>
<p>Attempts by Saudi Arabia to calm fears of an oil-supply crisis have helped settle prices after crude soared to nearly 120 US dollars a barrel on Thursday.</p>
<p>The price of Brent crude fell back to 111 US dollars on Thursday night and settled at 112 US dollars on Friday morning after Opec&#8217;s biggest producer indicated that it was prepared to increase supplies in the face of the Libya turmoil.</p>
<p>London shares were expected to open moderately higher but with the London Stock Exchange suffering a technical issue there was no accurate data on the position of the FTSE 100 Index.</p>
<p>Lloyds Banking Group shares were down by an estimated 4% after it said the slower UK economy and higher funding costs will impact net interest margins.</p>
<p>The group, which is 41% owned by the taxpayer, reported pre-tax profits of £2.2 billion &#8211; a marked improvement on the £6.3 billion loss in 2009.</p>
<p>The bank&#8217;s bad debt losses narrowed in 2010 to £13 billion, from £23 billion the previous year, but it saw an increase in international impairment charges driven by the impact of the Irish debt crisis.</p>
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