FTSE higher as crude costs crumble

Investors rejoiced as crude oil fell to $127.70 a barrel overnight, which is 12% lower than its 3 July peak. Vodafone’s decision to buy-back £1bn of shares after its solid losses yesterday has also helped to kick-start the session. Large gains for financial institutions across the Atlantic has boosted UK banks, with HBOS climbing 10.15% to 287.50 and Royal Bank of Scotland 6.53% higher to 212. British Land is 5.46% ahead to 743.50 so far, while insurer Friends Provident also has reason to cheer, climbing 5.24% to 84.30. Miners are among the early decliners, with Anglo American down...