FTSE 100 up as oil reaches 2019 high

FTSE 100 up as oil reaches 2019 high

The FTSE 100 edged 0.299pc higher at 7,041.22 after a boost in oil prices helped supermajor Royal Dutch Shell lead the index. Up 2.2pc, while its rival BP crept 0.7pc higher.

Brent crude edged 0.27pc higher at $62.92, having reached a 2019 high of $63.63 a barrel, which came as OPEC-led supply cuts and US sanctions on Venezuela offset weak demand forecasts and a slowdown of economic data.

Sterling fell to a one week low at $1.3064 against the dollar as UK Prime Minister Theresa May met lawmakers to try to overcome a Brexit impasse, which has raised fears of the UK leaving the EU without a deal.

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