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Oil price rise helps FTSE 100 climb to new record high

The FTSE 100 has reached a new all-time high as oil prices make fresh gains after a recent wobble.

That helped UK-listed giants BP and Shell (LSE: RDSB.L - news) advance while mining firms were also ahead as London's leading share index climbed more than 20 points in early trading to 7460.

The rise took the London index past the previous all-time high of 7447 seen on 17 March.

It later closed up 19 points at 7454 - building on its highest closing level last Friday.

The index has endured a rollercoaster ride so far this year, carried higher at the start of the 2017 on a continuing wave of market optimism about Donald Trump's tax and spending plans.

But there was a sharp fall in April as an early UK general election was called - an announcement that gave a boost to the pound, weakening the sterling value of FTSE firms' overseas revenues.

Now (Frankfurt: 11N.F - news) the index has recovered from the dip to touch a new all-time peak.

It followed Brent crude's rise by 3% to more than $52 a barrel - its highest level for a couple of weeks - as Saudi Arabia and Russia said a cut in production would be extended.

The comments eased recent fears about how long it would take to curb a glut in over-supply - fears which had threatened to put the brakes on oil's recovery after it sank below $30 last year.

BP rose about 2% and Shell was up more than 1% while UK-listed mining stocks such as Antofagasta (Other OTC: ANFGF - news) , BHP Billiton (NYSE: BBL - news) and Anglo American (LSE: AAL.L - news) were also ahead.