In early trading, the FTSE 100 rose 27 points to 5,851 with BP rising the most with a 4.1% rise.

Since the start of 2016, FTSE has been characterized by constant volatility over banking stocks, commodity prices and global growth, causing the FTSE 100 to have not yet managed to string together three straight days of gains.

Whilst OPEC has so far resisted to reduce production in the saturated market, there have recently been fresh hopes of production cut, which have boosted oil companies.

US light crude is up to $30.94 whilst Brent crude is up 5.5% to $35.22.