Oil prices rise amid fears of US hur­ri­canes

The Courier & Advertiser (Angus and The Mearns Edition) - - BUSINESS -

Oil prices ticked higher as in­vestors feared a short­age in the wake of Don­ald Trump’s sanc­tions on Iran and ex­pected hur­ri­canes in the US.

A bar­rel of Brent Crude was trad­ing at $78.7, mark­ing an in­crease of 1.8%. Mean­while, West Texas In­ter­me­di­ate climbed 1.8% to $68.7 per bar­rel.

In cur­rency mar­kets, pos­i­tive UK em­ploy­ment data and the ex­ten­sion of Mark Car­ney’s term as Bank of Eng­land gov­er­nor both failed to lift ster­ling, which ended the day 0.1% lower against the dol­lar at 1.300.

Ver­sus the euro, the pound was down 0.1% at 1.122.

Top-flight stocks in Lon­don were a shade lower, re­cov­er­ing from an ear­lier slump when it emerged that China will seek per­mis­sion from the World Trade Or­gan­i­sa­tion to im­pose sanc­tions on the US next week.

The FTSE 100 in­dex clocked in at 7,273.54, down 5.76 points, or 0.08%, despite the weaker pound.

Ashtead Group was the leader of the blue-chip ris­ers.

Shares closed 118p higher at 2,398p.

The equip­ment rental firm re­ported a 23% jump in pre-tax prof­its to £274.4 mil­lion for the com­pany’s first quar­ter.

Trail­ing the in­dex were tobacco com­pa­nies Bri­tish Amer­i­can Tobacco and Im­pe­rial Brands, down 2.71% and 3.34% re­spec­tively.

Oil prices rose on the back of Iran sanc­tions and fears of hur­ri­canes.

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