China's positive producer price and consumer price data also boost markets.
Brent, WTI futures recover from overnight lows ahead of summit between Opec and non-Opec producers.
FTSE 100 posts marginal rise as miners, airlines continue to stack up gains.
Pound gains almost 1% against euro and closes in on €1.19 threshold, but dips 0.25% against the dollar.
European Central Bank says its €80bn-a-month quantitative easing scheme will continue as normal until the end of March.
The next 12 months would be rocky but a 'bottom up' approach to stock selection will prove its worth yet again.
The Dow Jones Industrial Average closed at its 12th all-time high since the US election on Wednesday.
The deal marks a win for Russian President Vladimir Putin as it comes at a time when the government is cash-strapped.
Brent, WTI futures slide ahead of approaching summit between Opec and non-Opec producers.
IAG numbers and Standard Chartered's reported move to set-up a post-Brexit subsidiary boosts fortunes of both stocks.
Australian dollar tumbles as economy shrinks at the fastest rate since the 2008 recession in the third quarter.
Energy and petrochemicals giant Ineos, founded by industrialist Jim Ratcliffe, moves commercial power base to London.
Markets also gained amid investor expectations of a positive outcome from the upcoming ECB meeting.
Brent, WTI rally comes to an end after survey reveals Opec pumped 34.16m bpd in November.
CMC Markets and IG Group drag FTSE 250 lower as market factors in prospect of restrictions on spread-betting companies.
Euro pulls back from two-week high it touched in the previous session amid fallout from Italian referendum.
Neither Opec nor US shale producers could land a winning blow in the fight for oil market dominance.
US services sector activity hitting a one-year high in November also helped boost investor confidence.
Brent caps $55 per barrel mark for first time in 16 months on Opec's decision to reduce its 2017 output.
The pollsters called Italian referendum correctly allowing traders to price in the country's vote against reform.
Euro had plunged to lowest level since March 2015 following news Italian Prime Minister Renzi will step down.
Shares in Italian banks plunge as sector fears referendum outcome could halt recapitalisation plans.
Prime Minister Matteo Renzi announced his resignation soon after results indicated his defeat.
The euro dropped to a 20-month low against the dollar as S&P 500 e-mini futures were also down.
Brent, WTI extend positions above $50 as market awaits Opec-Russia talks.
Traders look ahead to Italy's reform referendum on Sunday and hope it will not spark market panic next week.
Dollar edges higher against the euro after unemployment rate hits nine-year low in November.
The bearish trend in the stock markets also follows a decline in oil prices.
Co-owners of this project include BHP Billiton and Union Oil Company of California, an affiliate of Chevron.
Brent touches $54 per barrel as Opec announces it would cut production by 1.2m barrels per day