3 Feb 2015
Oil shares push up FTSE
FXStreet (Mumbai) - The London’s FTSE gained for the second day as a recovery in Crude prices pushed Energy and mining hares higher.
Oil firms, Miners gain
Weir Group gained 5.05%; top gainer so far. Miners like BHP Billiton, Anglo American, Antofagasta and Glencore Xstrata are up more than 4% each. Meanwhile, BP PLC gained 2.59% after the oil giant said it plans to cut spending this year to adjust to lower oil prices.
Oil shares strengthened as crude prices extended gains on a falling rig count in the US. Brent crude rose 3.63% to USD 56.74/barrel, after having gained more than 11% in last two trading sessions.
Meanwhile, shares in Aberdeen AM fell 2.73% after reporting a drop in assets under management for the three months to Dec. 31. The Ftse index currently trades 1.145 higher at 6869.40 levels.
FTSE Technical Levels
The immediate resistance is seen at 6875, above which gains could be extended to 6903 levels. Meanwhile, support is seen at 6846 and 6768 levels.
Oil firms, Miners gain
Weir Group gained 5.05%; top gainer so far. Miners like BHP Billiton, Anglo American, Antofagasta and Glencore Xstrata are up more than 4% each. Meanwhile, BP PLC gained 2.59% after the oil giant said it plans to cut spending this year to adjust to lower oil prices.
Oil shares strengthened as crude prices extended gains on a falling rig count in the US. Brent crude rose 3.63% to USD 56.74/barrel, after having gained more than 11% in last two trading sessions.
Meanwhile, shares in Aberdeen AM fell 2.73% after reporting a drop in assets under management for the three months to Dec. 31. The Ftse index currently trades 1.145 higher at 6869.40 levels.
FTSE Technical Levels
The immediate resistance is seen at 6875, above which gains could be extended to 6903 levels. Meanwhile, support is seen at 6846 and 6768 levels.