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April 28 (Reuters) - UK's FTSE 100 edged higher on
Tuesday, on track to end a six-day losing streak, after BP's
stronger-than-expected first-quarter profit lifted energy
stocks, eclipsing persistent geopolitical tensions.
The blue-chip FTSE 100 index rose 0.4% to 10,367.61
points by 1019 GMT, while the midcap FTSE 250 slipped
0.2%, down for a fourth day in a row.
* BP shares rose 3.1% after its first-quarter profit
more than doubled year-on-year. Rival Shell added 2.3%,
with both offering the biggest boost to the blue-chip index.
* Tullow Oil ( TUWLF ) surged 12% after the West
Africa-focused independent oil and gas producer forecast annual
oil production to come in at the higher end of its outlook range
after a strong start to the year.
* Further aiding energy stocks' advance was an extended
rally in crude prices as the stand-off in the U.S.-Iran war
persisted.
* "The expectation of higher-for-longer oil prices does
outline a bullish case for oil & gas producers," said Joshua
Mahony, chief market analyst at Scope Markets.
* "While some will complain at 'profiteering' from the war
in Iran, the fact is that companies in the sector will see
profits fluctuate as the price of their underlying commodity
changes," Mahony said.
* Attention later this week will turn to the Bank of
England's policy decision, where the central bank is expected to
keep rates on hold, with investors watching for any signs of it
moving towards raising rates later in the year.
* Britain's heavy reliance on natural gas has led investors
to see its economy as especially vulnerable to the war-fuelled
jump in energy prices. The FTSE 100 is down 5% from its
late-February record high.
* British Prime Minister Keir Starmer will host
representatives from the BoE at a meeting of the government's
emergency response committee focused on the impact of the war in
Iran on Tuesday.