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Stocks rebound as oil edges off lows

London Stock ExchangeTue: Oil stocks rebounded in afternoon trade with BP and Royal Dutch Shell edging higher as crude prices rose.

Brent crude was up 0.6% to $40.98 per barrel while West Texas Intermediate increased 1.2% to $38.12 per barrel at 1632 GMT.

There were sharp losses on Monday after Brent and WTI reached a six-year and a near seven-year low, respectively. The fall was due to concerns over an oversupply in the market after OPEC decided to keep production unchanged on Friday.

The UK economy grew 0.6% in the three months to November, according to the National Institute of Economic and Social Research. The estimate on gross domestic product was unchanged from last month’s forecast for growth in the three months to October.

UK manufacturing production slid 0.4% month-on-month in October, compared with an upwardly revised 0.9% gain in September and with analysts’ expectations for a 0.2% decline, according to the Office for National Statistics.

Halifax reported a 0.2% decline in UK house prices in November, compared to analysts’ expectations for a 0.2% increase and the previous month’s 1% rise.

Among corporates, J Sainsbury, Tesco and Morrison gained after a positive broker note  which was less bullish over long term prospects for discounters such as Aldi.

The FTSE 100 ended down 1.42% to 6,135 points, led byAnglo American and Rio Tinto.

 

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