Shell (LON: RDSA) has overtaken AstraZeneca to become the company with the largest market value on the FTSE 100 index.
Indexes across Europe ended in the red again on Wednesday, although the FTSE 100 avoided a major drop thanks to rising oil and commodity prices.
The FTSE 100 Index eked out a gain of 8.21 points, or 0.13%, to 6,269.73 today, as traders continued to show caution despite recent progress towards a vaccine for Covid-19.
Investors in oil giant Shell sent the FTSE 100 tumbling on Tuesday as London's top index lagged far behind many of its global counterparts.
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.
The FTSE 100 Index edged up a further 822.22 points, or 1.4%, to 5,935.98 today.
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.
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 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”.
Brude crude oil prices were up nearly 2% at $33.49 a barrel by the London market close today as traders awaited news of a much-anticipated global production cut.
Weakness in the commodities markets weighed on London's blue-chip index on Tuesday, while a stable pound put further pressure on top-flight shares.
The FTSE 100 hit a record high on Monday as fears of a trade war between the US and China dissipated and the pound continued its downward trajectory.
London’s blue-chip index hit a record high on Thursday as rising oil prices helped lift UK stocks.
Norwegian focussed oil firm Faroe Petroleum posted a healthy increase in revenue yesterday, with CEO Graham Stewart saying currently, that for a company Faroe’s size, they’re making it “look easy.”
U.K. mega-cap stocks are having a tough year, and their laggard days may not be over.
The FTSE 100 Index was down 34.59 points to 7413.2, with oil majors and mining stocks coming under pressure as concerns over the global supply glut gathered momentum.
London’s premier index rebounded to within a whisker of a new mid-session record after choppy trading for the pound handed a boost to blue-chip stocks.