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FTSE 100 climbs after oil firms boosted by rising crude prices

Oil rigs
Oil rigs

London’s top index bounced back as it was aided by strong performances for oil firms after the price of crude jumped on Monday.

BP, Shell and Harbour Energy were among the leaders on the FTSE.

There was also early positivity in the Asian markets and then Europe amid hopes the US could ease some Chinese tariffs.

The FTSE 100 ended the day up 64 points, or 0.89%, at 7,232.65.

“European futures were looking strong at the beginning of the day but the session has seen continental Europe edge back while oil prices keep supporting the FTSE 100,” said Chris Beauchamp, chief market analyst at IG.

“A fresh surge in crude prices during the day has bolstered BP and Shell, providing hope that the UK leading index still has the power to outshine other indices.

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“But as ever it is the absence of the US that is problematic – Wall Street has driven the selloffs this year, and today’s gains could easily slip away tomorrow.”

Brent crude increased by 2.02% to 113.88 US dollars per barrel when the London markets closed.

Elsewhere in Europe, it was more mixed at the close, as a fall in Government Eurozone bond prices put pressure on markets.

The German Dax decreased by 0.08% by the end of the session, while the French Cac increased by 0.57%.

In the US, it was silent as traders enjoyed Independence Day.

Sterling moved slightly lower during a cautious session ahead of the Bank of England’s latest Financial Stability Report.

Meanwhile, the pound was down 0.07% against the dollar at 1.210 and was 0.05% lower against the euro at 1.161 at the close.

In company news, EasyJet shares dropped on Monday after chief operating officer Peter Bellew resigned amid growing anger over flight disruption.

It came as chief executive Johan Lundgren pledged that “EasyJet remains absolutely focused on delivering a safe and reliable operation this summer”.

Shares finished the day 16.6p lower at 360.3p.

Electronics retailer AO World plummeted amid worries over its financial strength after it emerged a credit insurer cut cover for the firm’s suppliers.

The company closed 12.35p lower at 55.65p following a Sunday Times report revealing AO was hit by a cut in credit cover by Atradius.

AO confirmed a credit insurer had slashed its cover in May, “reflecting post-Covid sales levels”, but insisted trading remained in line with its expectations.

Elsewhere, pawnbroker H&T said strong lending and retail sales have boosted trading as it also announced the £4.3 million acquisition of a watch repair business.

Shares closed 11p higher at 332.5p as it confirmed the deal to buy Essex-based Swiss Time Services.

Pets at Home slipped after brokers at RBC cut the stock “underperform” after previously being in line with its sector. Shares fell by 25.8p to 284.2p as a result.

The biggest risers on the FTSE 100 were: Harbour Energy, up 17.3p at 349.9p; BP, up 16.95p at 401.45p; Endeavour Mining, up 64p at 1,703p; Shell, up 82p at 2,203p; and Auto Trader, up 17.4p at 559.6p.

The biggest fallers of the session were: Ocado, down 29.2p at 784.8p; Entain, down 40p at 1,212.5p; JD Sports, down 2.95p at 114.7p; Whitbread, down 55p at 2,454p; and WPP, down 18p at 805.2p.