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		</div><p><a href="http://londonglossy.com/wp-content/uploads/2011/03/saudi-oil-concern-sparks-ftse-fall.jpg"><img class="alignnone size-full" title="The FTSE 100 Index closed down 58 points at at 5935" src="http://londonglossy.com/wp-content/uploads/2011/03/min-saudi-oil-concern-sparks-ftse-fall.jpg" alt="The FTSE 100 Index closed down 58 points at at 5935"/></a></p>
<p>The London market surrendered earlier gains as oil prices surged after fears that Saudi Arabia, the world&#8217;s biggest oil exporter, could be rocked by a political uprising.</p>
<p>The FTSE 100 Index was also dragged down after Federal Reserve chairman Ben Bernanke warned that US economic growth will not be strong enough to deliver a rapid fall in the country&#8217;s high unemployment rate.</p>
<p>The Footsie, which had been up as much as 46 points, closed down 58.3 points at at 5935.8 &#8211; or nearly 1% &#8211; as investors feared that unrest could disrupt oil production in Saudi Arabia.</p>
<p>Brent crude prices pushed ahead to 113.6 US dollars a barrel as fears over Saudi Arabia combined with the ongoing crisis in oil-producing Libya.</p>
<p>Wall Street&#8217;s Dow Jones Industrial Average was down 0.3% after Mr Bernanke warned in a Senate testimony that the country still needs the support of its multi-billion US dollar quantitative easing programme and that oil prices were set to hit the wider economy.</p>
<p>The pound was up after the Markit/CIPS Purchasing Managers&#8217; Index showed more input price rises, which will increase pressure on the Bank of England to raise interest rates. Sterling was at 1.63 against the dollar and at 1.18 against the euro.</p>
<p>The global economy worries meant commodity stocks lost earlier gains, with Lonmin up by just 2p at 1838p and African Barrick Gold 3p higher at 582p.</p>
<p>Mexican miner Fresnillo was up 2p to 1596p after record silver and gold prices and higher production ensured its profits hit one billion US dollars (£618 million) for last year.</p>
<p>Capita was the Footsie&#8217;s biggest riser &#8211; up 5%, up 37.5p to 763p &#8211; after the support services firm said it was in discussions with Zurich Financial Services about a potential extension of the pair&#8217;s existing UK contract. The rise built on gains seen after strong results from Capita last week.</p>
<p>Fresh from Primark&#8217;s warning on Monday of subdued trading since January, retail stocks were further hit by HMV&#8217;s second profits alert this year. Next dropped another 36p to 1940p, Marks &#038; Spencer declined 6.6p to 339.8p and B&#038;Q owner Kingfisher fell 4% &#8211; or 11.4p to 243p. HMV, which also warned it would breach certain terms on its bank loans, slumped nearly 22%, by 4.5p to 16.25p.</p>
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