FTSE Gains Over Saudi Oilfield Attack, PBOC’s Reforms

FTSE 100 looks all set for its biggest rise in over 10 days following news of an attack on a Saudi oilfield which has helped oil companies'

FTSE 100

FTSE 100 looks all set for its biggest rise in over 10 days following news of an attack on a Saudi oilfield which has helped oil companies’ shares trade higher. FTSE has gained nearly 1% and is currently trading at a little above 7180.

Shares of Shell and BP climbed higher by over 1% as crude oil prices surged early on Monday. This follows the news of a drone attack on a Saudi oilfield by Yemeni separatists which took place over the weekend.

The rise in FTSE has also been fueled by a bull run in stocks of financial companies with business in Asia after PBOC introduced reforms to lower corporate borrowing costs. This news has helped HSBC’s shares gain nearly 2%, coming as some relief amid the rising tensions surrounding the ongoing US-Chhina trade war and its impact on global economy.

ABOUT THE AUTHOR See More
Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.

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