The price of Brent crude oil surged 2.3% to $64.10 per barrel after the oil cartel OPEC chose to extend production cuts until the end of next year.

This helped shares in BP (BP.) and Royal Dutch Shell (RDSB) rise by 0.6% and 0.2%, respectively.

These gains were not enough to help the FTSE 100, which closed 0.3% lower at 7,300.

UK manufacturing climbed to its highest level in over four years, according to IHS Markit. The Purchasing Managers' Index increased from 56.6 in October to 58.2 in November, driven by a significant increase in new orders and production.

Copper rallied 2% to $3.10 per pound and gold was up 0.8% at $1,283 per ounce.


Investor sentiment was downbeat ahead of a possible tax cut vote in the Senate as the market was concerned that the move could add $1trn to the US deficit over the next ten years.

The S&P 500 was down 0.9% at 2,624 around 4:40pm UK time.


Royal Bank of Scotland (RBS) announced it plans to close a quarter of its UK branches and cut 680 jobs. The high street bank said it was closing a large number of branches as more people chose to do their banking online instead of in-store. Shares in the bank retreated 1.6% to 272.2p.

Shares in Thomas Cook (TCG) flied 0.6% higher to 119.2p on media reports that it plans to close 50 stores.

Addiction treatment specialist Indivior (INDV) enjoyed a 3% uplift to 382p following the approval of its Sublocade injectable drug, also known as RBP-6000, by the US Food and Drug Administration.

Support services firm Babcock (BAB) suffered a 1% fall to 690p after broker Morgan Stanley downgraded its recommendation from 'overweight to 'equal weight.'


Fantasy miniatures manufacturer Games Workshop (GAW) reported a sharp rise in operating profit in the six months to 26 November from £13.8m to £38m, helping the shares rise 7.1% to £20.97.

Good progress at Prospex Oil and Gas's (PXOG) Podere Gallina Exploration Permit in Italy triggered a 32% rally in the shares to 0.7p.

Oil company Petro Matad (MATD) terminated a financing deal with Bergen Global Opportunity Fund, prompting investors to mark the stock 9.8% higher to 7.1p.

Elsewhere, Beowulf Mining (BEM) crashed 46.3% to 5.7p on news last night that local authorities in Sweden have not recommended the award of an exploitation concession for its Kallak North project.