World Stockmarkets Shudder!

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Billions of pounds were wiped off share prices in London yesterday, as oil prices surged back towards the March high of $57 a barrel.

Brent crude was trading at just under $53 a barrel and in New York, West Texas intermediate crude hit $54.

The London stock market saw 45 points wiped off the FTSE index of the top 100 companies, in the wake of a 15 per cent slump in profits at the Kingfisher-owned B&Q DIY chain