FTSE 100 set to snap 4-day losing streak; BP shines

Britain's FTSE 100 opened higher on Tuesday, helped by a rise in energy shares after upbeat results from industry-heavyweight BP, while prices of industrial metal miners soared on a softer dollar and improved China prospects. The blue-chip FTSE 100 is on track to snap a four-session losing streak, rising 1% by 0813 GMT.

Britain's FTSE 100 opened higher on Tuesday, helped by a rise in energy shares after upbeat results from industry-heavyweight BP, while prices of industrial metal miners soared on a softer dollar and improved China prospects.

The blue-chip FTSE 100 is on track to snap a four-session losing streak, rising 1% by 0813 GMT. The mid-cap FTSE 250 index climbed 0.4%. Energy major BP reported fourth-quarter profit above estimates and increased the pace of its share repurchases, boosting the shares by 6%.

The broader oil and gas shares advanced 2.6%, also supported by an uptick in crude prices. Industrial metal miners index added 1.4% on a softer dollar and improved risk sentiment following state-backed buying of Chinese stocks.

On the data front, investors are awaiting the S&P Global Purchasing Managers' Index (PMI) for the UK's economic output in January, along with UK construction PMI, both due later in the day. Meanwhile, a survey showed British retailers reported sluggish sales in January as shoppers remained cautious about spending.

Prudential shares added 2.9% after Barclays hiked the price target of the insurer's stock.