Oil price rise drives the FTSE 100 to record high

STOCK markets hit record highs last night as rising oil and metal prices offset worries about another global cyber attack.

In a boost to British savers with money tied up in shares, the FTSE100 index gained another 18.98 points to an all-time high of 7454.37 in London. The Nasdaq and S&P 500 benchmarks in New York also set records. Shares were driven up by the rising oil price, which jumped some 2.5pc to about $52.50 a barrel as Saudi Arabia and Russia said last year’s agreement to cut production should be extended until March 2018.

The rising price of metals such as gold, silver, platinum and copper pushed mining stocks higher with Anglo American and Glencore leading the way on the FTSE 100.

Laith Khalaf, senior analyst at Hargreaves Lansdown, said: ‘The UK stock market hasn’t been fazed by the general election, and continues to perform strongly.’