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Shell and BP rallied Wednesday, as the two oil majors benefit from the continued strength in oil prices.
Shell
RDSB,
and BP
BP,
each rose 5% to lift the FTSE 100
UKX,
up by 2% in afternoon trade. BP has surged 20% and Shell has added 18% this year, with Brent crude
BRN00,
trading at $89 per barrel and with commodities producers getting a lift from rising bond yields.
Traders are waiting for the latest Federal Reserve rate decision, which will come after the close of trade on the London Stock Exchange.
Fresnillo
FRES,
shares slumped 13% after the silver miner warned that production would be hurt both the omicron variant as well as new Mexican labor laws.
