Global markets pulled out of their nosedive after oil prices rebounded on hopes of a cut in production.
London’s FTSE 100 Index opened deep in the red, falling by more than 1.6% in early session trading after the cost of crude fell back below $30 dollars a barrel, but later lifted as oil prices rose to stand 34.5 points higher at 5911.5.
The FTSE 250 closed up 0.2% at 16,179.02. However, the AIM All-Share fell 0.7% at 683.72.
Oil stocks bounced back from early session falls of more than 3% as crude recovered by more than a dollar to $31.60.
BP later stood 6.4p higher at 356.5p, while Royal Dutch Shell lifted 18.5p to 1420.5p.
FTSE 250 independent Tullow Oil continued its recovery from its lowest point in the year reached last week. Shares in the Africa-focused explorer and producer closed 11% higher at 155.9p.
North Sea-focused Enquest also rose from historic lows, rising nearly 8% to 14p.
The biggest risers on the FTSE 100 Index were Anglo American up 26.8p at 253.4p, Glencore up 6.3p at 87.1p, Fresnillo up 36.5p at 694.5p and Rio Tinto up 79.5p at 1688.5p.
The biggest fallers on the FTSE 100 Index were easyJet down 52p at 1579p, Shire down 124p at 4123p, Mondi down 32p at 1160p and Dixons Carphone down 10.6p at 456.5p.
ends
Recommended for you
