While the retailers are keeping the FTSE 100 under pressure, the oil giants are doing their best to counter the high street drag.
With oil prices hitting a whopping $100 a barrel last night and currently hovering just below that peak, BP, Tullow Oil and Royal Dutch Shell were among the biggest blue-chip risers in morning trading. After early falls for the FTSE 100, the oil-related risers have now helped put the index just inside positive territory - up 0.2 points at 6,416.9.
Tullow Oil leads the way, up 27p, or 4.2%, to 672p, BP is up 14p, or 2.3%, at 630.5p and Royal Dutch Shell is up 31p, or 1.5%, at £21.28. With the prospect of higher power prices looming large, other energy-related stocks are also on the way up. International Power has gained 8.75p, or 2%, to 457.25p, Scottish and Southern Energy is up 20p, or 1.2%, at £16.51 and National Grid is 7.5p, or 0.9%, higher at 836p.
The next direction for the oil price is likely to come from US inventory data due at 15.30GMT. Another fall in US fuel stocks is widely expected while a weak US dollar should also continue to support the oil price.
One other stock outside the retail sector worth mentioning again this morning is Alliance & Leicester. The bank continues to rise on talk of interest from Spain's Santander, which is thought to have held talks with A&L before Christmas but these were aborted when an agreement could not be reached over price.
Shares in Alliance & Leicester, a perennial takeover target, were up 2.5p, or 0.3%, at 756.5p by lunchtime, having climbed to 817.5p early on.
