Oil up following OPEC cuts

Oil up following OPEC cuts

The FTSE 100 surged 1.492pc to 6,936.90 on hopes of a US – China trade war breakthrough, sparked by reports that the US is considering reducing tariffs on Chinese imports.

Brent crude was 0.62pc to $61.62 higher during midday trading after an OPEC report showed its production fell sharply last month, easing concerns of oversupply.

Sterling was set for its biggest weekly gain against the euro in 16 months on mounting hopes that a no-deal Brexit can be avoided.

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