Oil drags down the Footsie

The FTSE 100 Index ended 2014 down 2%, but the Mail pointed out this was partly because big oil companies are a significant element of this index and they were heavily affected by the 40% crash in oil prices.

Supermarkets were also a negative factor, with the prices of shares in Tesco, Sainsbury’s and Morrison down 44%, 34% and 27% respectively. Experts said that the UK is a big beneficiary of lower oil prices and that in comparison with the US, UK shares were ‘unfairly cheap’.