The FTSE100 has opened steady this morning despite sharp losses to homebuilders and retailers, the index is currently 3.90 points (0.07%) higher to 5831.20.
The rising crude prices and a report from Russian giant Gazprom which suggested oil could hit $250 a barrel has led to sharp gains for the sector. BP is the best of the bunch, up 2.19% to 595.75; while Royal Dutch Shell (A) is 2.05% ahead to 2137.
Engineering solutions provider AMEC is also doing well, 1.96% higher to 912.
Homebuilder Persimmon is being bulldozed for the second straight day after Merrill Lynch lowered its rating. It is 8.58% down to 354.25 so far.
Next is also being pounded after Seymour Pierce lowered its rating. The retailer is 7.11% lower to 1019.
Also sharply lower is Cable and Wireless, 4.54% behind to 157.60.
In New York, the Dow Jones IA traded steadily on Tuesday with a number of financials bouncing back from sharp slides in previous sessions. The index climbed 9.44 (0.08%) to 12289.76.
An analyst upgrade led Coca Cola to the best performance, closing 3.85% higher to 58.01.
Best of the financials was Citigroup, up 3.37% to 20.26. Insurer AIG was next, 2.36% ahead to 34.28; while JPMorgan Chase climbed 2.08% to 38.29.
Oil giants Chevron and Exxon Mobil were among the laggards, down 2.39% to 98.78 and 1.32% lower to 87.89 respectively.
In Tokyo, Japanese stocks rebounded from a two-day decline to climb on Wednesday, with a weakening leading to a boost for exporters. The Nikkei 225 jumped 162.31 (1.16%) to 14,183.48.IFAonline
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