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		</div><p><a href="http://londonglossy.com/wp-content/uploads/2011/02/oil-worries-continue-to-subdue-ftse.jpg"><img class="alignnone size-full" title="The FTSE 100 index dropped by 32.1 points to 5964.5" src="http://londonglossy.com/wp-content/uploads/2011/02/min-oil-worries-continue-to-subdue-ftse.jpg" alt="The FTSE 100 index dropped by 32.1 points to 5964.5"/></a></p>
<p>Worries over potential disruption to crude oil supplies amid the ongoing crisis in Libya have triggered another downbeat session in London.</p>
<p>Oil prices on the New York Mercantile Exchange neared 96 US dollars a barrel &#8211; the highest since October 2008 &#8211; as the Libyan government cracked down on protesters and foreign energy companies suspended oil production. Libya holds the most oil reserves in Africa and is the world&#8217;s 15th-largest crude exporter at 1.2 million barrels per day.</p>
<p>As investors worried that the global economic recovery may be derailed by the sharp rise in oil prices, the FTSE 100 Index lost some of Tuesday&#8217;s late rally to stand 32.1 points lower at 5964.5.</p>
<p>In events closer to home, the pound rose against the dollar and euro after minutes showed a third member of the Bank of England&#8217;s rate-setting committee voted for a hike in borrowing costs earlier this month.</p>
<p>The other six members, including Bank governor Mervyn King, voted in favour of no-change but economists said the report fuelled speculation that rates could rise in May. Sterling reached an annual high against the dollar at 1.62.</p>
<p>Commodity-based stocks were impacted by the uncertainty in Libya as Kazakhmys dropped 28.5p to 1419.5p, Lonmin fell 34p to 1793p and Antofagasta declined 31p to 1352p.</p>
<p>Rexam delivered the biggest fall in the FTSE 100 Index despite detailing a 45% rise in annual underlying profits to £412 million for 2010. The figures were ahead of market expectations but with Rexam&#8217;s shares enjoying a strong run in recent weeks the stock fell back 3% or 12.2p to 357.8p.</p>
<p>The UK&#8217;s part-nationalised banks featured on the risers board ahead of results later in the week. Lloyds Banking Group, which is expected to report annual profits of £2 billion on Friday, rose 0.9p to 67.2p, while Royal Bank of Scotland added 0.4p to 48.1p on the eve of its figures on Thursday.</p>
<p>In the FTSE 250 Index, shares in Cable &#038; Wireless Communications jumped 8% &#8211; up 4p to 50.4p &#8211; after the company announced plans to sell its operating business in Bermuda and return cash to shareholders.</p>
<p>Builders&#8217; merchant and Wickes owner Travis Perkins rose 2% after it revealed a 20% rise in underlying profits and said the new financial year had started well. However, the share price improvement failed to stick and the Northampton-based company was later flat at 1039p.</p>
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