Oil surges with support from OPEC cuts

Oil surges with support from OPEC cuts

The FTSE 100 took a turn for the worse at 6,809.72 as shares in UK energy giant Centrica plummeted 4.77pc, after Jefferies lower its stance on the British Gas owner, pointing to dividend risk.

Brent crude climbed 2.42pc at $58.44, achieving its biggest week-on-week gain in two years, with support from OPEC production cuts and easing share markets.

Sterling rose to a one week high at $1.2754 against the dollar as traders prepared for the UK parliament to reconvene and debate Theresa May’s Brexit withdrawal agreement this week.

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