Global markets recover as oil price falls

World markets have responded positively to Brent crude futures falling by more than $3 after the Arab League said it was considering stepping in to end the crisis in Libya.

Crude oil has also declined and is now just shy of $113 a barrel, falling from its 29-month high, which helped drive equity markets across the globe into the black.

The FTSE has opened brightly and is 0.19% at 5,925.85, while the German Dax is up 0.42% to 7211.23 and the French Cac has risen 0.48% to 4053.63.

The major European indices were also boosted by good sessions in the US and Asia.

US shares crept higher with the Dow Jones rising 8 points to 12,066 while the S&P 500 added 10 points at 2,748.

Asian stocks advanced, rebounding from yesterday's retreat which saw the Nikkei fall by more than 2%.

The Nikkei index ended trading up 93.64 points, or 0.9%, to 10,586.02.

Meanwhile, the euro reached a four-month high against the dollar, rising 0.04%.