FTSE 100 enjoys 6th straight revenue
On Friday, the British number one benchmark stock index managed to erase its earlier loss and ticked up during the afternoon trade, as the sterling slumped and crude companies surged after Saudi Arabia dropped a hint that it would back an oil-freeze deal.
The FTSE 100 edged up 0.7%, closing at 6,914.71, thus marking a sixth straight session of profits—its longest winning marathon since October 2015.
A more than 3% surge in crude prices helped commodity companies to close the trading day higher, thus reversing steep losses earlier in the day. Stocks of BP PLC rose 2.2%, while Royal Dutch Shell PLC grew 2.9%.
Crude prices leapt during late London trade after Khalid al-Falih, Saudi Arabia’s energy minister, told that the Saudis could discuss probable action to stabilize the crude market with members of the Organization of the Petroleum Exporting Countries as well as other producers at a gathering next month, as The Wall Street Journal states.