India, Sept. 11 -- Despite lingering concerns about U.S.-Iran conflict, U.K. stocks advanced on Friday, buoyed by sharply lower oil prices and strong UK GDP growth report.
Data from the Office for National Statistics showed the UK economy expanded unexpectedly in July driven by artificial intelligence and cloud computing gains in the services sector.
Oil prices tumbled after International Energy Agency (IEA) revised downward its global oil demand forecast for the year. The IEA now expects world oil demand to drop by 2.5 million barrels per day this year, as against its previous forecast of a 1.6 million bpd decline. The agency expects oil supply to decline by 5.7 million bpd this year.
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