U.K. share surged in morning session on Wednesday as a rally in oil producers’ stocks overshadowed a drop in Royal Bank of Scotland PLC’s equities.
West Texas Intermediate oil took off nearly 6%, while Brent crude jumped 6.86% following reports that OPEC Secretary General Mohammad Barkindo said the group will reach an output-cut deal in Vienna on Wednesday. Shares of oil producers BP PLC added 2.77% while those of Royal Dutch Shell PLC gained 3.77%.
According to the result of the Bank of England’s stress test released earlier today, Royal Bank of Scotland PLC would have to raise capital by around £2 billion ($2.5 billion) to meet regulatory requirements. Shares of the lender lost 4.01%.
Other bankers which are Standard Chartered and Barclays were also revealed to fail the stress test but neither bank has to submit new capital plans. However, shares of those banks edged more than 0.5% lower.
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