Brent crude surges past $79 mark

Brent crude surges past $79 mark

The FTSE 100 dropped 0.181pc at 7,710.55 as UK jobs and wages increase had been partially priced in prior to the release of Office for Nation Statistics data.

Soft Chinese data meant world stocks fell, enhanced by a lack of progress in US-China trade talks.

Brent crude surged 1.25pc at $79.21 – a new multi-year high – supported by tight supply and planned US sanctions on Iran that are forecast to limit crude oil exports from the third largest OPEC producer.

Sterling edged up 0.2pc against the dollar at $1.3545 after data showed a hike in UK employment and marginal growth in wages.

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