The City roundup video: Falling oil prices leads to major job cuts

Video: Alex Lawson provides a run-down of the day's major news from the City

Falling global oil prices are putting tens-of-thousands of jobs at risk (Getty Images)

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The tumbling price of oil is causing a major headache for the world’s largest companies reliant on searching for and selling the black stuff.

The falling price of crude has led the North Sea’ biggest players including Shell, Chevron and BP to cut jobs and the latter is expected to reveal the impact of the sharp dive in price to $51 a barrel in its annual results tomorrow.

With Britons finally feeling like they have bit of extra cash jangling in their pockets post-recession, a cheaper tankful with come as a further boost.

The price dive has also affected the major airlines. Ryanair said today it has been able to slash prices by between 6 and 8 per cent and subsequently raised its profit forecasts after surging customer demand. However, those of you rushing to book your next swan off to the sunshine on Michael O’Leary’s airline be warned – it has already hedged for $92 barrels of oil next year so it might not be as rosier picture then.