Energy soars (Il Sole 24 Ore Radiocor) - London, 12 Aug - Shares in London closed higher, extending a recent rebound, as stock markets around the world attempted to recoup some of last week's losses caused by fear the Federal Reserve may be behind in adjusting monetary policy as the economy showed signs of weariness.

Markets now await more inflation data, including the US consumer price index on Wednesday for more cues on the Fed's interest rate path. The reading is expected to show inflation cooled slightly in July.

The market currently sees a 50% chance of the Fed cutting by 50 basis points in September, down from 100% a week ago.

UK inflation data is also due on Wednesday, the first reading since the Bank of England cut interest rates by 25 basis points.

Oil prices rose for a fifth straight session on concerns about possible supply disruptions amid an escalating conflict in the Middle East.

BP and Shell added 1.35% at 439.60 pence and 0.83% at 2,799.00 pence, respectively.

The London FTSE 100 closed up 0.52% at 8,210.25 points.

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(RADIOCOR) 12-08-24 18:15:30 (0391) 5 NNNN