Oil price surge pushes FTSE 100 to record high

Index rose to 7,460 points before falling back

Tom Eckett
Saudi and Russian oil ministers want to extend the OPEC and non-OPEC cuts beyond the end of 2017.

Saudi and Russian oil ministers want to extend the OPEC and non-OPEC cuts beyond the end of 2017.

The FTSE 100 rose to an intra-day record high on Monday, as energy stocks were given a boost by a jump in oil prices.

The UK's blue-chip index reached 7,460 points in early morning trading before falling back to 7,450 points, after climbing to a record high on Friday. Oil and gas companies, which make up 13.6% of the index, benefitted from the rise in oil prices with Premier Oil up 3.8% to 61.25p while BP climbed 1.1% to 465p. Goldman Sachs warns oil prices on the brink of 'capitulation' The rise in oil prices came after Saudi Arabian and Russian ministers agreed supply cuts should extend into 2018. This is far beyond the optional six-month extension to the reductions of 1.8 million barrels a day ...

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