London pre-open: Stocks seen up as oil prices rise

(Sharecast News) - London stocks were set to edge up in early trade on Monday following a strong close on Wall Street at the end of last week. The FTSE 100 was called to open 13 points higher at 7,620.

Oil prices gained after Saudi Arabia announced on Sunday that it will cut oil production next month and do "whatever is necessary" to lift prices.

Saudi said it would cut 1m barrels per day (bpd) in July, while OPEC+ said targets would decline by a further 1.4m bpd from next year.

On the macro front, investors will eye the S&P Global/CIPS services PMI for May at 0930 BST.

In corporate news, drinks giant Diageo has appointed Debra Crew as interim chief executive after outgoing CEO Sir Ivan Menezes underwent emergency surgery on a stomach ulcer over the weekend.

Crew was scheduled to join the board on July 1.

Menezes was in hospital receiving medical treatment for medical conditions, including the ulcer when his recovery "suffered a significant setback due to complications", Diageo said.

Hunting said it has formed a 10-year strategic partnership with Zhejiang Jiuli Hi-Tech Metals, to supply corrosion-resistant alloys for applications including oil country tubular goods (OCTG), carbon capture, utilisation and storage (CCUS), and geothermal projects.

The company said the partnership would combine it's 'Seal-Lock' premium connection technology with Jiuli's CRA, expanding Hunting's OCTG product portfolio and enabling the supply of a range of OCTG for clients in North America, the Middle East, Africa, and the Asia Pacific.