Oil hits 13-month high on recovery optimism – live updates – Telegraph.co.uk

Good morning. The oil price hit a 13-month high overnight on optimism that fuel demand will bounce back quicker than previously expected. Brent crude rose above $61 a barrel. 

Meanwhile the FTSE 100 is set to open marginally lower. 

5 things to start your day 

1) Britons splurge on meal kits and takeaways: January recorded a 16.3pc year-on-year slump in consumer spending, the biggest fall since May, but meal-kit sellers were among the winners.

2) Consultants paid £17m to help UK prepare for border strife: Our exclusive shows over eighty payments were made to six consultants last year for work with either the Border Delivery Group, among other contracts.

3) British Airways flights to run on alcohol: A US sustainable fuel manufacturer that turns alcohol into jet fuel, LanzaJet, will start providing fuel for the UK’s flag carrier from late 2022.

4) Lynch forced back to High Court in new fight over fraud case: Fraud trial involving Mike Lynch has blown open after HP Enterprise demanded High Court consider misconduct by Deloitte in judgment.

5) Biden’s ‘daring stimulus experiment’ could overheat the US economy: Joe Biden’s plans for a $1.9 trillion fiscal bazooka sent a key gauge of US inflation expectations to its highest level since 2014 on Monday.

What happened overnight 

Asian stock markets rose on Tuesday after a record-setting day on Wall Street, while Bitcoin paused for breath after an overnight endorsement from Tesla Inc sent the cryptocurrency up 20pc.

Oil also hit 13-month highs, helped by rising optimism about a return in fuel demand.

MSCI’s broadest index of Asia-Pacific shares outside Japan was last up 0.32 pc at 721.53 after climbing as high as 730.16 late last month.

Korea was an early riser, up 0.92pc while Chinese blue chips rose 0.49pc and Hong Kong nudged up 0.24pc.

Japan’s Nikkei .N225 was up 0.36pc and e-mini futures for the S&P 500 were up 0.5pc.

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