Financial markets on both sides of the Atlantic started the week in forward gear despite a weekend of violent protests in the world’s largest economy.
The FTSE-100 ended a topsy-turvy week with a final session fall of 21.97 points, or about 0.5%, to 5,993.28.
Oil is heading for a third weekly gain on signs the market is slowly rebalancing as major producers cut supply and consumption recovers after a historic collapse in demand due to the coronavirus.
The UK’s top 100 listed firms lost nearly 3% of their value today as Covid-19 continued to blow a huge hole in the global economy.
WTI was anchored near $25 a barrel as investors weighed cuts to supply by major producers such as Saudi Arabia against lingering concerns over the pace of recovery from virus-led demand destruction.
The FTSE 100 Index edged up towards the 6,000 mark today as traders took heart from UK Government efforts to gradually get the economy back on track.
Oil edged higher as signs of a recovery in demand continued to surface following the easing of virus-led lockdowns in some regions, while Saudi Arabia pledged to cut production further.
Oil edged lower after posting its first back-to-back weekly gain since February as investors weighed nascent signs of a recovery in demand against a huge global glut and the risk of a resurgence in virus cases.
Brent crude oil was down about 6.5% at $28.96 per barrel at the London market close despite spending much of today on the advance.
The price of a barrel of Brent crude surged above $30 on Tuesday amid growing hopes that global demand for oil is rising again.
The FTSE 100 started the week slightly in negative territory but oil prices were up amid hopes new production cuts can reduce a massive global oversupply.
Brent crude oil was up by nearly 8% to $26.16 per barrel by the London market close today.
Brent crude oil was up by 7.3% at $24.4 per barrel, as of 6pm.
Share price growth for oil majors BP and Shell boosted the FTSE 100 yesterday, with London’s blue-chip index rising 111.1 points, or more than 1.9%, to 5,958.5.
European markets started the week in positive territory, with all the leading financial indices enjoying gains yesterday.
Oil dropped back below $15 a barrel in the US as swelling global crude stockpiles made it more difficult for leading producers to balance the market by curbing output.
Brent crude had edged up just over 1% to $21.55 a barrel by the London market close today, making it three days of gains on the trot in a historic week for oil prices.
After a dramatic week that saw prices plunge below zero for the first time in history, oil continued to claw back losses as attention turned to output cuts in response to the demand hit from coronavirus lockdowns.
The price of Brent crude has continued to recover today after the oil price rout of earlier this week.
Brent oil enjoyed a better day on the markets on Wednesday despite warnings a barrel of the crude may become “cheaper than a latte”.
Of all the wild, unprecedented swings in financial markets since the coronavirus pandemic broke out, none has been more jaw-dropping than Monday’s collapse in a key segment of U.S. oil trading.
The world’s two leading oil price benchmarks suffered contrasting fortunes today amid ongoing supply and demand fears.
Oil was anchored near $20 a barrel after closing at an 18-year low as concerns over virus-led demand destruction outweigh an agreement by the world’s biggest producers to curb supply.
Oil eked out a small gain after tumbling 10% on Tuesday as concerns over virus-driven demand destruction overshadowed a historic deal by the world’s biggest producers slash output.