FTSE seen opening higher

The FTSE 100 index is seen rising on Friday, following five sessions of falls, after Wall Street managed to pare losses and Asian markets notched up gains, as a sharp pullback in the oil price alleviated concerns about the global recovery.

The blue chip index looks set to climb 10-13 points, or 0.2 percent, according to financial bookmakers, after it closed down 3.55 points, or 0.1 percent, at 5,919.98 on Thursday.

Oil hovered above $112 a barrel on Friday on easing worries of Middle East supply disruptions. Brent oil prices had vaulted more than 7 percent to almost $120 on Thursday before pulling back on rumours that Libyan leader Muammar Gaddafi had been shot and on Saudi Arabia’s reassurances that it could counter Libyan supply disruptions.

Market watchers, however, said that investors are likely to remain on edge.

“Saudi assurances that they can make up any oil production shortfall from Libya have certainly been well received, but the question remains whether we’re going to see the situation spread further still,” Ben Potter, a market strategist at IG Markets, said.

In terms of domestic economic data, investors were waiting for the second release of fourth-quarter GDP at 9:30 a.m.

Also, consumer confidence edged higher this month from January’s 22-month low after a slight recovery in shoppers’ personal financial situation and willingness to make big purchases, the GfK NOP survey showed.

Across the Atlantic, U.S. fourth-quarter preliminary GDP figures are due at 1:30 p.m. British time.

The February final Reuters/University of Michigan consumer sentiment survey is due at 2:55 p.m. British time.

Source: Reuters