Oil wipes out FTSE gains

BP led the fallers, down 3.08% to £5.35 after it said production of oil and gas fell in the fourth quarter of 2006 to around 3.82m barrels of oil equivalent per day, compared with 4.02m in the last three months of 2005. Cairn Energy dropped 2.55% to £16.81 after shares in its Indian arm fell 20% in first dealings after its IPO. Meanwhile, lower crude prices took British Airways up 2.75% to £5.59, although analysts noted the agreement with its trade unions over its £2.1bn pension deficit also makes it a more attractive takeover target. HBOS rose 2.92% to £11.65 after Credit Suisse upgr...