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FTSE 100 falls back despite oil deal FTSE 100 falls back despite oil deal
(about 7 hours later)
(Midday): London's leading share index rose on Tuesday despite disappointment over a deal to tackle a global oil supply glut. (Close): London's leading share index ended the day higher despite disappointment over a deal to tackle a global oil supply glut.
The FTSE 100 was up 0.2%, or 27 points, to 5,836 points in afternoon trading. The FTSE 100 closed up 37.89 points at 5,862.
Merlin Entertainments, which announced a new chief financial officer on Tuesday, topped the leaders' board with a 2.8% rise to 413p. Brent crude shrank from earlier gains, falling 3.5% to $32.12. US light crude was flat at $29.09.
BP and Shell were among the other biggest risers, up 2.2% and 1.8%. Oil ministers led by Russia and Saudi Arabia agreed to freeze output at January levels if other crude producers did the same.
Oil companies were boosted as crude prices rose on fresh hopes of a coordinated production cut. Augustin Eden, research analyst at Accendo Markets, added: "People are hopeful when they hear this talk of output freezes, but it's already now looking as if that's not going to happen."
Oil ministers from Russia, Saudi Arabia, Qatar and Venezuela agreed to freeze output at January levels if other oil-producing countries did the same.
Stephane Ekolo, chief European strategist at Market Securities, said: "This agreement needs the nod from other Opec and non-Opec nations, which seems unlikely. Therefore market participants turned again cautious."Stephane Ekolo, chief European strategist at Market Securities, said: "This agreement needs the nod from other Opec and non-Opec nations, which seems unlikely. Therefore market participants turned again cautious."
Brent crude was up 1.4% to $33.85 a barrel, while US light crude was flat at $29.75. Merlin Entertainments, which announced a new chief financial officer on Tuesday, topped the leaderboard with a 2.9% rise to 413.7p.
Biggest faller on the FTSE 100 was Standard Chartered, which slid more than 7% to 420p after several brokerages cut their target prices following a recent rally. The biggest faller on the FTSE 100 was Standard Chartered, which slid more than 5.3% to 428p after two brokerages cut their target prices following a recent rally.
The CAC 40 in Paris was up 0.4%, while the Dax in Frankfurt fell a similar amount. The CAC 40 in Paris closed up 0.1%, while the Dax in Frankfurt fell 0.7%.
European markets soared on Monday following a 7% rise for the Nikkei in Tokyo and comments by European Central Bank president Mario Draghi. He said the bank was ready to act to stimulate the eurozone economy and push up inflation. On the currency markets, the pound fell 0.8% against the euro at €1.2828 and was down 0.9% against the dollar at $1.4296.
"The ECB is ready to do its part. We will not hesitate to act," he told MEPs.
On the currency markets, the pound was up 0.3% against the euro at €1.2978, and almost 0.5% higher against the dollar at $1.4501.