Morning Report: FTSE 100 collapses as oil price war erupts

Headlines from the Proactive UK newsroom.

Oil prices slumped by 30% on Monday as Saudi Arabia chopped prices after attempts to agree a production deal with Russia collapsed over the weekend. Brent crude plunged to US$31 a barrel after registering its largest daily drop since the Gulf War.

The oil price crisis sparked a further slide in the FTSE 100, which was already wobbling due to the coronavirus. The blue-chip index tumbled 559 points in early trading to 5903.

One bright spot was Tesco’s (LON:TSCO) agreement to sell its businesses in Thailand and Malaysia to CP Group, one of Thailand’s largest private companies. Net cash proceeds will be US$10.3bn with a £5bn special dividend to be paid to shareholders.

Open Orphan's (LON:ORPH) hVIVO virology and vaccine operation has begun the world’s first human coronavirus challenge study. Also known as a controlled human infection model - it is a method of testing potential vaccines against certain illnesses in a locked-down medical facility.

Union Jack Oil (LON:UJO) has acquired an additional 35% economic interest in the producing Keddington Oilfield in Lincolnshire from Terrain Energy. Following the purchase, Union Jack will hold a 55% economic interest in Keddington with Egdon Resources holding the remaining 45%.

Faron Pharmaceuticals (LON:FARN) has received approval from the US Food and Drug Administration for its revised protocol for the next Traumakine study in ARDS patients.

Live Company’s Bricklive (LON:LVCG) subsidiary is to produce a themed tour based around Peter Rabbit and other  World of Beatrix Potter characters.  The agreement represents the Group's second agreement with Penguin Ventures following a previous themed tour of The Snowman and The Snowdog.

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