Oil prices are the only thing that seem to be driving the UK stockmarket at present, however, it has...
Oil prices are the only thing that seem to be driving the UK stockmarket at present, however, it has helped to push the UK's benchmark index for the third successive day.
OPEC announced it would attempt to "rein in supplies" of oil in the hope it would return oil prices to around $25 a barrel and the price of oil stocks climbed as a result.
The FTSE 100 ended up 32.7 points or 0.7% to 4696.10 to take it just 8.2% lower than levels hit just before the US terrorist attacks, led by BP.
The publicly-traded oil company climbed 10p or 2% to 519.5p because of the OPEC announcement, even though oil prices earlier dropped to an almost 17-year low at less than $22 a barrel.
US stockmarkets, however, are not doing as well after Goldman Sachs analysts cut profit estimates on IBM, Intel and dozens of other companies, blaming the US atrocities for the change.
The Nasdaq fell 19.32 points or 1.3% to 1482.32 while the Dow Jones lost another 83.86 points or 1% to 8576.11.
Technology traders at Credit Suisse First Boston also told Bloomberg there is no reason to buy technology stocks as profits are unlikely to rebound before the middle of next year.
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