Barack Obama cracks down on oil traders

Barack Obama pledged to put more "cops on the beat" to oversee the oil market, as he went on the offensive with a range of curbs to stop traders from driving the oil price higher.

Oil price drops on reserve sale

The price of oil has fallen after the International Energy Agency said that its members will sell some of their reserves on the world market.

Brent crude ended Thursday trading down $6.95 to $107.26, a four-month low. US light crude fell by $4.39 to settle at $91.02.