FTSE 100 rises as surge in oil prices lifts energy stocks By Reuters

(Reuters) – Energy stocks pushed London’s FTSE 100 higher on Wednesday as crude oil prices jumped to their highest in eleven months after Saudi Arabia agreed to reduce output more than expected.

Oil heavyweights BP (LON:BP) and Royal Dutch Shell (LON:RDSa) provided the biggest boosts to the export-heavy FTSE 100 index. The FTSE rose 0.8%, up for the third consecutive session, while the mid-cap index added 0.5%.

Saudi Arabia, the world’s biggest oil exporter, said on Tuesday it would make make additional, voluntary oil output cuts of 1 million barrels per day (bpd) in February and March.

Informa Plc (LON:INF), the world’s largest exhibitions group, rose 0.8% even after forecasting a more than 70% plunge in its 2020 profit.

British baker and fast food retailer Greggs traded higher at 3.1% after it said sales decline had slowed, but warned it does not expect profits to return to pre-pandemic levels until 2022 at the earliest.