Brent crude slipped below $50 a barrel and US light crude went under $48 after both fell by about 1.5 per cent.
Last week Opec and some non-member producers agreed to extend a deal to cut 1.8 million barrels per day from the market until March 2018, while US crude production increased by nearly 500,000 barrels per day from the previous year.
New RBS deal snub
ROYAL Bank of Scotland has rejected calls to improve a settlement to investors who claim they were misled into investing in the lender before its taxpayer bailout in 2008.
RBS chief executive Ross McEwan met representatives of the RBS Shareholder Action Group in London yesterday.
But talks broke up without agreement after he failed to increase an 82p-a-share offer. The action group has indicated its support for the £200million settlement, but a breakaway faction is seeking more time to raise cash for a trial.
Banking on Metro
METRO Bank has boosted its loan book after buying a £596.7 million portfolio of mainly buy-to-let mortgages from US private equity group Cerberus.
The FTSE250 challenger bank, which recently broke through the one million customer mark, is using cash from existing resources to acquire the mortgages “well diversified across the UK” and made up of 92 per cent buy-to-let, with the remainder owner-occupied.
Metro chief executive Craig Donaldson said: “Our lending and deposit growth has gone from strength to strength.”