FTSE close to 5100 barrier
Oil stocks were a source of strength for the London market today as it tested the 5100 barrier for the first time in more than three years.
The sight of the cost of crude climbing above $57 a barrel on fears of summer shortages was enough to spark a fresh round of investment in market heavyweights BP and Shell.
Both oil companies were at least 2% higher by lunchtime and with utility stocks also favoured by traders, the FTSE 100 Index rose 50 points to 5095.
The index was last above the 5100 level in May 2002 but traders warned that the market remained vulnerable to a bout of profit taking after its recent strong run.
