Market report

Oil price rises | North Sea strike | Glencore snub


4.30pm: London close

Harbour Energy rig

A cut in oil production by major producers saw the price of a barrel rise 5% to $84 and analysts at Goldman Sachs said the decision would send it towards $100.

Meanwhile, North Sea oil contractors will strike in a dispute over pay that will affect more than 20 oil and gas platforms.

Unite confirmed more than two weeks’ worth of strike action would take place between 5 and 9 April at Sparrow Offshore Services.

The shutdown by 150 offshore contractors will impact contractors at platforms operated by Shell, Harbour Energy and Apache. 

A bid by London-listed commodities giant Glencore for Canadian commodities trader Teck that would have created a £95bn resources giant has been rejected 

Teck is a $19bn commodities and mining company listed in New York and Glencore had offered to buy it in a deal that represented a 20% premium to its share price on 2 March.

The government has extended plans to sell down its stake in NatWest Group. Full story

Cineworld has raised $2.26bn (£1.8bn) in a restructuring deal that should enable it to emerge from Chapter 11 bankruptcy.

The rights offering and exit facility will wipe out existing shareholders.

Cineworld operates in 10 countries and also owns the Picturehouse chain in the UK.

Mooky Greidinger, chief executive, said: “This agreement with our lenders represents a ‘vote-of-confidence’ in our business and significantly advances Cineworld towards achieving its long-term strategy in a changing entertainment environment.”

The FTSE 100 closed 41.36 points higher at 7,673.00.

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