The FTSE 100 index is up 8.6 points or 0.2% to 5841.6 points this morning, paced by BP and Royal Dutch Shell, as oil prices are rising for a fourth day in a row.
BP has so far gained 6p or 0.9% to 641p and Shell has gained 15p, or 0.9% to 1773p as the crude oil price for April delivery is trading 35 cents higher, or 0.6%, at $63.71 a barrel.
BT has also added 2% to 212.25p as the Times says the company is being targeted by several global private equity firms, which may lead to bids valuing BT at over £20bn.
In Japan, the Nikkei 225 Stock Average index dropped 246.42 points or 1.6% to 15,663.34 points after an inflation report raised speculation the Bank of Japan is getting closer to lifting borrowing costs.
Mitsubishi UFJ, the world's biggest lender by assets, fell 20,000 yen, or 1.2 percent, to 1.69m.
Mitsui Fudosan, Japan's biggest property developer, lost 65 yen, or 2.7%, to 2,390 and Mitsubishi Estate, the nation's second-biggest developer, slid 135 yen, or 5.4%, to 2,355.
Elsewhere, TonenGeneral Sekiyu K.K. gained 34 yen, or 2.9%, to 1,205. The Japanese refining unit of Exxon Mobil was raised yesterday to "outperform" from "market perform" by Mitsubishi UFJ Securities.
In the US, the Dow Jones industrial average index fell 28 points or 0.25% to end at 11,025.51 points as oil prices increased sharply and Treasury bond yields rose, while same-store retail sales for February disappointed Wall Street.
Shares of Citigroup, the largest US financial services company, fell 1%, or 48 cents, to $46.05.
But most integrated oil and gas companies rose, helped by the increase in oil prices. ConocoPhillips was up 1.6%, or $1.01, at $62.78 and Exxon Mobil gained almost 1%, or 51 cents, to $60.85.
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Ceremony will take place 13 November