Oil Surge

London’s FTSE 100 rose on Monday, as energy stocks tracked a jump in oil prices on hopes that global vaccine rollouts would quicken the economic recovery this year.

The commodity-heavy FTSE 100 was up 0.3% by 0806 GMT, snapping a three-day losing streak. BP (LON:BP) and Royal Dutch Shell (LON:RDSa) were among the biggest boosts to the index after oil prices surpassed $60 a barrel on Monday. [O/R]

The mid-cap FTSE 250 index added 0.1%, gaining for a sixth straight day.

Shares of British retailers were subdued in early deals as a report said the government was planning to tax companies whose profits soared during the COVID-19 pandemic.

Rolls-Royce (LON:RR) shed 2.0% after the aero-engine maker said it was proposing a two-week operational shutdown of its civil aerospace unit over the summer.

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