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London Markets: Shell, BP rally to lift FTSE 100; Fresnillo slumps

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Shell and BP rallied Wednesday, as the two oil majors benefit from the continued strength in oil prices.

Shell RDSB, +4.98% and BP BP, +3.75% each rose 5% to lift the FTSE 100 UKX, +1.44% up by 2% in afternoon trade. BP has surged 20% and Shell has added 18% this year, with Brent crude BRN00, +1.65% trading at $89 per barrel and with commodities producers getting a lift from rising bond yields.

Traders are waiting for the latest Federal Reserve rate decision, which will come after the close of trade on the London Stock Exchange.

Fresnillo FRES, -14.36% shares slumped 13% after the silver miner warned that production would be hurt both the omicron variant as well as new Mexican labor laws.

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