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Energy shares weigh on FTSE 100 FTSE buoyed by mild oil price rise
(about 5 hours later)
(Noon): Energy shares continued to weigh on the market as oil prices remained near four-year lows. (Close): London's main share index closed at a six-week high, as a small recovery in oil prices buoyed energy firms' shares.
The FTSE 100 was down 22.31 points at 6,613.14. Shares in Tullow Oil fell 1.9% and BP was down 0.6%. The FTSE 100 closed 18.92 points higher, or 0.3%, at 6654.37.
On Thursday, the price of Brent crude fell below $80 a barrel, and an IEA report said oil prices were likely to continue falling well into 2015. Shares in oil and gas company Petrofac rose 2.5% and BP rose 0.4%, while Royal Dutch Shell 'A' and 'B' rose 1.2% and 1% respectively.
Shares shrugged off news of stronger-than-expected growth figures from the eurozone. The price of Brent crude rose by almost 2% to $78.99 a barrel, after falling to four-year lows earlier in the week.
However earlier on Friday, the International Energy Agency warned oil prices were likely to continue falling well into 2015.
The IEA, a consultancy to 29 countries, said weak demand and the US shale gas boom meant crude's recent fall below $80 a barrel was not over.
Shares also welcomed news of stronger-than-expected growth figures from the eurozone.
Latest figures from Eurostat showed the eurozone grew by 0.2% in the third quarter of the year, with Germany avoiding falling into recession.Latest figures from Eurostat showed the eurozone grew by 0.2% in the third quarter of the year, with Germany avoiding falling into recession.
Shares in Aggreko rose 2.9% after the temporary power supply firm said third-quarter underlying revenues were up 6% from a year earlier and that trading was in line with expectations. Shares in Aggreko rose 3.4% after the temporary power supply firm said third-quarter underlying revenues were up 6% from a year earlier and that trading was in line with expectations.
On the currency markets, the pound fell 0.34% against the dollar to $1.5658 and slipped 0.1% against the euro to €1.2580. On the currency markets, the pound fell 0.22% against the dollar to $1.5676 and slipped 0.74% against the euro to €1.25.