Oil extends gains, Hong Kong stocks resume rally [Video]

Oil prices rose further Friday as tensions mount in the Middle East, while Hong Kong’s stock markets resumed a rally caused by China’s recently-announced measures to stimulate its economy.

Europe’s main equity indices diverged nearing the half-way stage, with London weighed down by a rebounding pound alongside gains for Paris and Frankfurt.

The dollar was mixed against its main rivals as traders awaited key US jobs data due Friday that could give a clearer idea of the pace of planned interest-rate cuts from the Federal Reserve.

“Oil prices continued their ascent,” noted Russ Mould, investment director at trading group AJ Bell, as Brent North Sea crude and the main US contract each gained about one percent.

“This is good news for oil producers but bad news for millions of companies and consumers as they face higher energy and transport costs,” he added.

Buyers of company shares were back in the …