Oil and petrol stocks help FTSE bounce back

The rise comes after a broad global equity bounce but dealers said an underlying caution prevailed after comments from a Bank of England policymaker suggested interest rates were not likely to be cut soon. Oil heavyweight shares like BP have led the advance, as it has gained 11.5p, or 1.89% to 619.50p in early trading. Smaller oil firms are also benefitting after Canada's Talisman Energy said it had agreed to buy mid-cap Paladin Resources for £1.2bn. Paladin has jumped 27% to 350p following the 355p per share offer while blue-chip Cairn Energy is up more than 8% to 1729p. Dana Petroleum h...