FTSE edges higher on oil boost

Buoyant oil stocks helped the FTSE100 climb 0.52% higher to 4,389 despite problems for financial services firms. The IEA's report, coupled with rumours that OPEC might cut oil production by as much as 2 million barrels per day, helped Tullow Oil shares gain 18.5%. Cairn Energy climbed 10.8% to £18.22 per share, while Royal Dutch Shell shares added 2.7%. Lloyds TSB lost 8.3% despite receiving the go-ahead for a merger with rival HBOS. Insurers Friends Provident and Legal & General lost 8.1% and 5.5% respectively as sterling hit new lows against the Euro. US shares tumbled as Wall Str...