FTSE 100 leaps on crude majors rebound
On Wednesday, British shares edged up for the first time in four trading sessions, with crude companies rebounding ahead of the long-awaited informal OPEC gathering in Algeria.
The FTSE 100 index leapt 0.7%, hitting 6,857.42, having closed at the lowest value since September 16 on Tuesday.
The British benchmark has been trading at the mercy of the crude markets in recent days, as market participants track developments ahead of a gathering of members as well as non-members of the Organization of the Petroleum Exporting Countries on Wednesday.
There has been a big buzz regarding whether the crude producers would come to an agreement to freeze production or cut it outright, though hopes for a deal in Algeria were low ahead of the gathering. Media reports inform that OPEC is ready to discuss a drop of about one million barrels a day to output, which could be agreed at the OPEC’s summit in November.
Shares of BP PLC grew 1%, while Royal Dutch Shell PLC acquired 1.2%.