FTSE 100 rises as oil prices fall below $100 a barrel

Summarised from 3 outlets · 4 reports · Updated 6 Oct, 20:15 · Archive

London's FTSE 100 index gained 0.4 per cent on Tuesday as oil prices fell and global bond markets calmed.

London's FTSE 100 index rose 43.75 points, or 0.4 per cent, to 10,541.69 on Tuesday. The FTSE 250 rose 0.4 per cent to 24,215.33, and the AIM all-share advanced 0.4 per cent to 783.62. European markets also gained ground, with the CAC 40 in Paris up 0.4 per cent and the DAX 40 in Frankfurt up 0.8 per cent. In New York, the S&P 500 hit a new all-time high, up 0.9 per cent, while the Dow Jones Industrial Average was up 0.7 per cent.

The recovery came after a global bond sell-off last week that rippled through world markets, with investors concerned about inflationary pressures from rising oil and fuel prices. Dan Coatsworth, head of markets at AJ Bell, said investors were 'praying that inflationary pressures start to ease off and central banks have less of a need to keep interest rates higher for longer'.

Brent crude oil, the international benchmark, fell to 98.37 dollars a barrel on Tuesday, down from 102.32 dollars late on Monday. David Morrison, analyst at Trade Nation, noted traders reacted positively following reports that Saudi-backed Yemeni forces had driven Iranian-backed Houthis out of the port town of Mocha on the Red Sea. It was later confirmed that Saudi-backed forces had wrested back control of the Bab el-Mandeb Strait, reopening this vital chokehold linking the Red Sea to the Gulf of Aden.

Meanwhile, Asos confirmed that an unauthorised notification was sent via its app on Tuesday. The online retailer said basic personal information including name and contact details may have been accessed, but it did not believe payment-card information or account passwords were impacted. The company said it had taken immediate action to restrict access to the notification platforms and was working with specialist advisers and relevant authorities.

How it is being reported

• Lower oil boosts FTSE 100 but defence stocks lagThe FTSE 100 index ended up 43.75 points, or 0.4%, at 10,541.69, on Tuesday.Evening Standard · 6 Oct, 17:19
• Lower oil boosts FTSE 100 but defence stocks lagThe FTSE 100 index ended up 43.75 points, or 0.4%, at 10,541.69, on Tuesday.Independent Business · 6 Oct, 17:19
• FTSE 100 Live: Stocks to rise as oil trades around $100 after crude exports increaseWelcome back to City AM‘s FTSE 100 liveblog. The oil market is getting some relief as crude exports recover but the price of a barrel is stubbornly holding over the $100 mark. Brent crude – the international benchmark for oil prices – traded near $100 per barrel on Tuesday morning after declining in the previous session. It [...]City AM · 6 Oct, 06:28
• FTSE 100 Live: Stocks eye recovery after bond sell-off; Oil holds over $100Welcome back to the City AM liveblog. Markets are hoping to claw back some of last week’s losses to kick off the week after a global bond rout set ripples through the world’s top exchanges. Fears of an inflationary shock on the back of rising oil and diesel saw bond yields across the world’s economies spike. This [...]City AM · 5 Oct, 06:27

In this story: FTSE 100 · Brent crude · Saudi Arabia · Red Sea · Asos · AJ Bell

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