FTSE 100 is expected to open higher on Tuesday supported by a rebound in oil prices after Saudi Arabia denied a report that oil producers were discussing a production increase for their next meeting, saying a cut approved last month would stay in place until the end of 2023.
The report yesterday in the Wall Street Journal sent oil prices and oil stocks tumbling. But the denial saw Brent spike to around $87.60/barrel from $83.07 at the London close on Monday.
In London, spread betting companies are calling the lead index up by around 20 points.
In the US markets closed the wrong side of the line but off worst levels for the day after the San Francisco Federal Reserve President Mary Daly commented that officials need to be careful to avoid a “painful downturn.”
At the close the Dow Jones Industrial Average was down 45 points, or 0.13%, at 33,700.28, the S&P 500 slipped 15 points, or 0.39%, to 3,950 and the Nasdaq Composite fell 122 points, or 1.1%, to 11,025.
In London, results are due from Severn Trent PLC (LON:SVT), Homeserve PLC (LON:HSV) and Helical amongst others.
Source: Investing.com
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