FTSE 100 drops as output-deal let down drags on crude shares
On Monday, British shares pulled back, as dwindling hopes for an output deal in the energy industry applies pressure on crude stocks, though the benchmark FTSE 100 was still on course to notch another monthly leap.
The FTSE 100 UKX dropped 0.3%, trading at 6,974.69. All sectors went down except for the utility as well as basic materials groups.
Decliners were represented by Royal Dutch Shell PLC RDSB and BP PLCBP, which dropped 1.39% and 1.14% respectively. The moves came after negotiations as for the weekend between key crude producers failed to deliver final plans to make an output cut come true.
Now the traders are going to wait until the gathering, hoping for a supply cut.
In other moves in London trade, WPP PLC WPP managed to gain 3.45%, climbing to the top of the FTSE 100, with stocks up 3.2% after the advertising heavyweight reported third-quarter profit growth that turned to be above expectations.