FTSE 100 hits nine-month high as oil prices jump

The European Union and Britain talked into late on Thursday to try to secure a Brexit trade deal, with an EU official saying an agreement was closer than ever but a UK government source warning chances for a breakthrough were receding.

London's FTSE 100 rose to a nine-month high on Friday as a jump in oil prices boosted energy stocks, while investors remained focussed on Brexit trade talks with only four weeks left for Britain's transition period out of the bloc to end. The blue-chip FTSE 100 was up 0.5% by 0807 GMT and was set for a fifth straight week of gains on optimism that a COVID-19 vaccine would lead to a swift economic recovery.

A British minister said the country hoped for millions of doses of the vaccine produced by Pfizer Inc and BioNTech SE by the end of the year. Royal Dutch Shell and BP were among the biggest gainers on the FTSE 100 as major oil producers agreed to continue production cuts to overcome coronavirus-induced demand concerns.

The mid-cap FTSE 250, considered a barometer of Brexit sentiment, dropped 0.1%. The European Union and Britain talked into late on Thursday to try to secure a Brexit trade deal, with an EU official saying an agreement was closer than ever but a UK government source warning chances for a breakthrough were receding.

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