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UPDATE 1-Oil majors help Britain's FTSE recover after global sell-off

Wed, 30th May 2018 17:36

* FTSE 100 index ends up 0.75 pct

* BP, Shell supported by higher oil prices(Adds details, closing prices)

By Julien Ponthus

LONDON, May 30 (Reuters) - A rebound by oil stocks helpedBritain's blue-chip index recover from a global sell-offprompted by a political crisis in Italy and fresh fears of atrade war between the U.S. and China.

The UK's FTSE 100 ended up 0.75 percent on Wednesdayafter ending the previous session at its lowest level in nearlythree weeks.

"The FTSE 100 is in recovery mode, clawing back some ofyesterday's losses on the combined support of a slightlystronger (dollar) ... and oil prices retreating from week'slows," said Accendo Markets analyst Artjom Hatsaturjants.

Oil majors BP and Royal Dutch Shell bothrose more than 2 percent as oil prices climbed to $76 a barrel,supported by tight supplies despite expectations OPEC and itsallies will pump more in the second half of 2018.

Among smaller companies, engineering firm Bodycoterose nearly 7 percent after predicting it would top marketexpectations for full-year profit and said it would pay aspecial dividend.

Discount retailer B&M European Value reported a 25percent jump in full-year profit, sending its shares up 4.5percent.

Photo-Me International tumbled 26 percent after thephotobooth operator's market update disappointed investors.(Reporting by Julien PonthusAdditional reporting by Danilo MasoniEditing by David Goodman and David Holmes)

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