FTSE Struggles as Oil Production Remains High

Shares in oil companies struggled as crude oil prices continued to be under pressure at the end of the week. The FTSE 100 index is down by 8.5 points, a fall of 0.11 percent, to 7,439.29.

shareprices.com - Sunday, June 25, 2017

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While most oil companies struggled, BP and Royal Dutch Shell managed to shake off some of the pessimism to close up slightly. The price of Brent Crude was down to $44.35 on Wednesday, and while it recovered later in the week it still remains comparatively low. The commodity is under pressure because of excess supply. While the Opec producers’ cartel have reached an agreement to limit output, not all oil producers are a part of the cartel, and the efforts of those who are in the cartel are being called too little by some analysts.

The best performer on Friday was Shire. The pharmaceuticals company gained 3.7 percent, after the European Medicines Agency gave it validation for its marketing authorisation application for Veyvondi, which is a drug that is used to treat a hereditary bleeding disorder known as von Willebrand disease.

In other news, Imagination Technologies has put itself up for sale. The company gained 16 percent following the decision. It has been in a dispute with Apple, one of its primary customers, after the consumer tech company announced that it plans to cease the use of Imagination Technologies’ components and tech in its products.

Meanwhile, the pound has slipped against the dollar, but made some modest gains against the euro.


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