Investors are fleeing energy companies as the oil price plummets further following the decision from the major oil-producing nations not to reduce its supply.
The FTSE 100 is being led lower today by oil stocks as the price of Brent crude oil has collapsed to close to $70 per barrel.
The price of oil plunged yesterday when the organisation of petroleum exporting countries (Opec) decided not to reduce the amount of oil it produces in an attempt to halt the slide in the oil price.
The biggest faller currently on the UK large cap index is Weir Group, an engineering firm that relies heavily on oil and gas projects, which is down 7.7 per cent as investors anticipate oil companies to cut back on spending on new products in the face of the low oil price.
Oil producers dominate the fallers, with Tullow Oil, BP, BG Group and Royal Dutch Shell all among the biggest fallers in the index, in a pattern that is being repeated across Europe.
By contrast, airline and travel companies are on the rise as they are likely to be benefit from lower oil prices.
