FTSE 100 rises as oil stocks rally on output cut hopes

A jump in oil prices boosted producer-heavy UK stock markets on Thursday, as hopes grew that OPEC countries and Russia would agree to output cuts this week. The blue-chip index rose 1.9% by 0711 GMT, with BP and Royal Dutch Shell gaining more than 3% ahead of an OPEC+ meeting where the world's largest oil producers are expected to agree to cut production.

Stock markets globally have racked up gains this week amid signs that coronavirus death toll was leveling off in the U.S. hotspot of New York and receding in hard-hit regions of Europe. The number of infections and hospital admissions in Britain is beginning to show signs of flattening, a medical director of the National Health Service said on Wednesday.

The domestically-focused midcaps index added 2.3% and were on track for its biggest weekly percentage gain on record. The blue-chip FTSE 100 is set to record its best week since July 2016. Frankie and Benny's chain owner Restaurant Group rose 12.7% after it proposed to carry out a share placement of up to 19.9% of the capital, to cushion the hit from ongoing challenges raised by the spread of the coronavirus.