OPEC+ cuts ripple through global markets

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The Iseq gave back 1 per cent, dragged lower by tourism and building materials stocks

Irish ferries operator Irish Continental Group, meanwhile, was flat on the session despite having no fuel hedging strategy.

BP and Shell topped the table on the blue-chip index, both adding more than 4.1 per cent after Goldman Sachs lifted its forecast for Brent crude to $95 a barrel by the end of the year and to $100 for 2024 following the oil output change, which was announced on Sunday, a day before a virtual meeting of an OPEC+ ministerial panel including Saudi Arabia and Russia.

Oil and gas shares were the top gainers, with the subindex rising 4 per cent, its best daily performance in over four months. Shares in French and Italian energy companies Totalenergies and Eni climbed 4.8 per cent and almost 4.1 per cent respectively while German utility Uniper was up by almost 8.6 per cent and Tullow Oil added 6 per cent.

 

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