Economy FTSE 100 heads for best session in 10 days

FTSE 100 heads for best session in 10 days

Image result for FTSE 100 heads for best session in 10 days
FTSE 100 heads for best session in 10 days

 Sharp rises in oil company shares drove Britain’s FTSE 100 higher on Monday, after an attack on a Saudi oil facility by Yemeni separatists pushed crude prices higher, while Asia-exposed banks gained following moves by China to keep business interest rates low.

By 0710 GMT, the FTSE 100 .FTSE had jumped nearly 1%, its biggest one-day rise in more than 10 days, while the midcap index .FTMC was 0.6% higher.

Shell (RDSa.L) and BP (BP.L) both rose 1.5%, tracking a surge in crude prices following a drone attack by Yemen’s Houthi group on an oilfield in eastern Saudi Arabia on Saturday, which caused a fire at a gas plant and added to Middle East tensions.

Miners and Asia-exposed financial heavyweights, led by HSBC (HSBA.L) with a near 2% rise, also offered support after China’s central bank announced a set of reforms to help lower borrowing costs for companies and support an economy that has been bruised by the trade war with the United States.

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