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...
To continue reading this article...
Join Investment Week for free
Signup and gain exclusive members-only insights - all free of charge!
- Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
- Get ahead of regulatory and technological changes affecting fund management
- Important and breaking news stories selected by the editors delivered straight to your inbox each day
- Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
- Be the first to hear about our extensive events schedule and awards programmes
