Aarin Chiekrie, equity analyst at Hargreaves Lansdown, said: “The FTSE 100 edged slightly higher at the open this morning as first-quarter earnings season gets under way.
“UK oil giant BP released a short trading update, noting that on the whole, first-quarter total production volumes should be slightly lower than in the prior quarter.
“But its oil-trading arm looks set to deliver an ‘exceptional’ performance, benefiting from current volatility in oil prices.
“Brent Crude futures have dipped to around $99 per barrel, giving up some of Monday’s gains.
“This comes as reports surface that the US and Iran are considering further negotiations to secure a long-term ceasefire agreement before the current two-week truce expires.
“OPEC+ reported that largely as a result of the disruption in the Strait of Hormuz, the group’s output fell by around 7.9 million barrels per day in March.”
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