FTSE 100 hits all time high as oil prices climb

NEW YORK, May 15 (Reuters) - Commodity-linked stocks and world currencies got a lift on Monday from a surge in crude oil prices after major producers Saudi Arabia and Russian Federation said they would extend oil supply cuts into 2018.

"What should worry FTSE bulls is that the index is exhibiting similar characteristics to the S&P 500-namely that the rally is being powered by smaller and smaller numbers of rising stocks each day; this doesn't mean a correction is around the corner, but it does raise the prospect of a reckoning that could be ugly", said Chris Beauchamp, chief market analyst at IG, in a note. Brent was fetching around $52 a barrel.

Oil upswing: On Monday, shares of Royal Dutch Shell PLC RDSB, +1.16% RDS.B, -0.05% and BP PLC BP., +1.08% BP, +0.51% rose 0.8% and 0.9%, respectively, with the oil producers riding up alongside a 2% rise for Brent and US crude futures LCON7, +2.50% CLM7, +2.53%.

The FTSE 100 Index reached a mid-session record of 7460.2 in early trading, before closing at an all-time high of 7,454.37.

United States stocks also moved higher.

That made the past seven days the strongest for the crude market since December and spurred gains for copper and iron ore as well as in commodity-linked currencies including the Australian and Canadian dollars and Russia's rouble.

Chinese retail sales for April beat expectations to rise 10.7 percent from a year ago, while property investment growth accelerated to 9.3 percent in the first four months of 2017 from 9.1 percent in the first quarter.

Oil upswing: In London, shares of BP PLC (BP.LN) (BP.LN) and Royal Dutch Shell PLC (RDSB.LN) (RDSB.LN) ended up 0.9% and 0.5%, respectively. MSCI's broadest index of Asia-Pacific shares outside Japan closed 0.7 percent higher, while Japan's Nikkei lost 0.07 percent. South Korea's KOSPI climbed 0.15 percent.

Shares of mining stocks rose alongside metals' gains, and the Stoxx Europe 600 Basic Resources Index bulked up 1.1%.

The dollar was marginally higher at 113.36 yen, following Friday's 0.5 percent loss.

U.S. Treasury yields dropped to 2.3222 percent.

But nerves about the pace of Chinese and US growth, and odd trends generated by record low volatility globally were lingering in the background and the DAX was down 0.1 percent on the day by 1200 GMT.

The euro was little changed on Monday at $1.093, after jumping 0.7 percent on Friday.

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