Update: FTSE continues to climb following oil price boost

Anna Fedorova
clock • 1 min read

Energy stocks have built on Monday's rise in early trading today, pushing up the FTSE 100 by 1.2%, as the oil price continues to regain ground.

The price of Brent crude jumped 5% to $55 a barrel yesterday, following on from an 8% rise on Friday, driven by news that the number of drilling rigs had dropped by 7% last week alone. Since its trough on 13 January, the price of Brent crude has now rebounded over 20% in what technically amounts to a bull market. As a result, oil stocks raced ahead of their peers in Britain's blue chip index, lifting the benchmark 1.2% higher to 6,862 this morning, following on from steady gains made yesterday. Oil giants BP and BG both posted results this morning which showed profits had been hurt...

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