Rolling coverage of the latest economic and financial news, as Brent crude drops back to $60 a barrel

Venezuela ‘turning over’ $2bn in oil to US, Trump says, in move that could cut supply to China

Shares in energy companies are dropping at the strat of trading in London.

BP (-2.7%) are the top faller on the FTSE 100, with Shell dropping by 1.8%.

That’s pulling the blue-chip FTSE 100 shares index into the red too; it’s down 28 points or 0.27% at 10,095, having hit a record high yesterday.