London’s blue-chip FTSE 100 Index fell 106.54 points, or 1.73%, to 6,049.62 as Covid-19 continued to weigh heavily on the world’s leading financial markets today.
FTSE 100 Index
The FTSE 100 Index failed to hold on to Monday’s gains today, despite a rally for stocks on Wall Street overnight.
European markets started the week in positive territory, with all the leading financial indices enjoying gains yesterday.
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.
The prospect of US tax reforms has buoyed global stock markets but knocked the dollar, sending UK shares and sterling higher.
A brief rally in the cost of crude was brought to an abrupt halt after global oil giants failed once more to agree on production cuts, instead freezing output at its highest-ever level.
Oil and gas shares staged a partial recovery yesterday as the City bounced back from “Black Monday”.
Billions of pounds were wiped off the value of North Sea oil companies yesterday as fears of a Chinese economic meltdown sent global stock markets plummeting.