The FTSE 100 Index finished 25.5 points lower at 6716.6 as continued volatility in oil prices – with Brent crude trading at just below 71 US dollars a barrel – pegged back the performance of commodity stocks.
Royal Dutch Shell was in focus after spiking yesterday on the back of speculation linking it to a merger with BP. Shares fell back 33p to 2259p but BP rose another 3p to 436.85p.
A boost from Britain’s dominant services sector put sterling on the front foot as economists revisited the outlook for when interest rates will rise.
The pound was up against both the US dollar and struggling euro – at 1.57 and 1.27 respectively – after the sector gave a reading of 58.6 in the CIPS/Markit PMI survey, compared with last month’s 17-month low of 56.2.
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