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Oil and miners lift market for fourth session

London Stock ExchangeWed close: Miners and a rising oil price led shares upwards with the FTSE 100 rallying for a fourth straight session, rising back above 6,000.

The index was 168.15 points or 2.87% higher at 6,030.32 with commodities and mining firm Glencore rising 15% and Anglo American more than 10%.

Oil prices rallied even though Iran’s OPEC envoy, Mehdi Asali, said it was unlikely the nation would join an agreement with other global producers to freeze oil output to address the supply glut.

Brent crude rose 5.6% to $34.12 per barrel and West Texas Intermediate increased 4.7% to $30.50 per barrel.

UK employers added 205,000 jobs to the economy, leaving unemployment unchanged at 5.1% in the final quarter of 2015. This matched the three months to November which was the lowest since early 2006. Total annual wage growth fell as expected to 1.9%, its lowest since February.

 

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