City oil analysts said a combination of tight supplies, strong demand from developing economies such as China and Brazil and tensions over Iran's nuclear programme will keep the market buoyant over the next 12 months.
Median forecasts of about 20 equity strategists in a Reuters survey taken a few weeks ago predicted the London share market's FTSE-100 index would trade at 5400 points by mid-2012.
The latest Bank of Scotland Report on Jobs also said the number of temporary staff billings fell for the first time in 27 months. Concurrently, recruitment agencies reported a marked easing in rates of pay inflation during the latest survey period.
The central bank's nine-member Monetary Policy Committee voted to make no change to its £275 billion quantitative easing (QE) programme and also kept interest rates at a record low 0.5% – where they have been since March 2009 – as it awaits the outcome of a critical European Union summit aimed at tackling the eurozone debt crisis.
The company, which operates under Thomson and First Choice, swung back into profit at the pre-tax level in the year to September 30 and generated record levels of cash. TUI serves around 30 million customers and operates in 180 countries.
The Markit/CIPS Purchasing Managers' Index (PMI) showed services activity rose to 52.1 in November from 51.3 the previous month. A reading above 50 indicates growth. However, the index was still below September's reading of 52.9.
Springfield posted sales of £40 million for the year to the end of May, up from £34m in 2010 and lifted pre-tax profits to £2.5m from £1.8m – an improvement of about 38%.
The Glasgow-based company was founded in 1948 by Fred Douglas Laing, and it has remained in Laing family control ever since. Today the business is run by brothers Fred and Stewart Laing. The company specialises in the single cask and small batch single malt/grain Scotch whiskies.
The department store group yesterday announced an increase in profits.
