UK Stocks Rise Driven by Low Oil

Despite the continuing plunge in the oil price – which saw UK inflation come in lower than expected – leading shares were in an upbeat mood, helped by an opening rise on Wall Street as Alcoa began the US reporting season in a positive fashion.

But the crude price fall, with Brent down another 3% to $45.9 a barrel, put oil shares under renewed pressure.

Tullow Oil led the FTSE 100 fallers, down 18p at 368.9p amid reports it planned to cut some of its 2,000 staff in reponse to the lower oil price. Analysts believe many hundreds of jobs could be at risk, as companies cut costs amid lower prices.

via The Guardian

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza