Oil price at $47 a barrel keeps FTSE buoyant

The FTSE 100 index was up 0.2% to 4308 within the first hour of trading, however, this gain is only as a result of a major surge in share prices of BP and Shell Transport & Trading. Oil prices have now hit $47 a barrel and reports suggests the Yukos bankruptcy is now adding to the growing crisis in climbing oil values. BP gained 3.75p or 0.8% to 491p within the first hour in London trading and Shell rose 7p or 1.8% to 397.5p. Elsewhere, markets are reacting badly to the prospect of yet higher prices across the spectrum of sectors. In Asia, the big names Toyota Motor and Samsung ...