FTSE 100 rises as surge in oil prices lifts energy stocks

  • Reuters
  • Stock Market News
FTSE 100 rises as surge in oil prices lifts energy stocks
Credit: © Reuters.

(For a Reuters live blog on U.S., UK and European stock markets, click LIVE/ or type LIVE/ in a news window)

* FTSE 100 up 0.8%, FTSE 250 adds 0.5%

Jan 6 (Reuters) - Energy stocks pushed London's FTSE 100 higher on Wednesday as crude oil prices jumped to their highest in eleven months after Saudi Arabia agreed to reduce output more than expected.

Oil heavyweights BP BP.L and Royal Dutch Shell RDSa.L provided the biggest boosts to the export-heavy FTSE 100 index .FTSE . The FTSE rose 0.8%, up for the third consecutive session, while the mid-cap index .FTMC added 0.5%.

Saudi Arabia, the world's biggest oil exporter, said on Tuesday it would make make additional, voluntary oil output cuts of 1 million barrels per day (bpd) in February and March. Plc INF.L , the world's largest exhibitions group, rose 0.8% even after forecasting a more than 70% plunge in its 2020 profit. baker and fast food retailer Greggs GRG.L traded higher at 3.1% after it said sales decline had slowed, but warned it does not expect profits to return to pre-pandemic levels until 2022 at the earliest.

Add Chart to Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Drop an image here or Supported formats: *.jpg, *.png, *.gif up to 5mb

Error: File type not supported

Drop an image here or

100
Please try another search

Related Articles