Oil giant Shell Transport and Trading dragged the FTSE 100 down under 4400 mark by closing of trading today, after the oil firm admitted it had, for the second time this year, miscalculated its 2003 reserves.
The FTSE 100 closed down under the psychological 4400 mark barrier, having lost 58.9 points or 1.32%, at 4,397.9, after Shell has been forced to admit, for the second time this year, it had overestimated its reserves. Shell Transport & Trading – which is 40% owned by Shell – eventually closed down 11p or 2.96% to 361p after a spokesman for the firm stated its proven 2002 reserves have been cut by an amount equal to 250m barrels of oil, beyond the 3.9bn barrel reduction announced on January 9th. Mining giant Rio Tinto has also had a tough day and closed down 34p or 2.47% to £13.44 as t...
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