FTSE 100 takes hit after summit sees oil prices dip

The FTSE 100 was knocked after oil prices slumped during Donald Trump’s historic meeting with Russia’s Vladimir Putin in Finland.

Brent crude prices were down by as much as 3.75% to 72.002 US dollars per barrel as traders anticipated the outcome from the Helsinki summit.

BP and Shell fell by 2.3% and 2.1% respectively, and mining stocks were also knocked, with BHP Billiton falling by 2.48% or 41p to 1,609.2p.

The FTSE 100 closed down 0.8% or 61.42 points at 7,600.45.

Connor Campbell, financial analyst at SpreadEx, said: “A sharp slide from Brent Crude left the FTSE far and away the worst performer on an otherwise somnambulant start to the week.

“Down 3% as investors fret over what will be discussed between Trump and Putin, namely whether or not the US president will encourage Russia to up its oil production once more, Brent crude found itself in trouble the wrong side of 73 per barrel.”

European indices put in a mix performance, with the Cac 40 in France falling by 0.36% and the Dax in Germany up by 0.16%.

The pound was flat against both the dollar and the euro in late afternoon trading, although currency traders are gearing up for more activity during the week with data on jobs, inflation and retail sales coming out over the next three days.

The biggest risers on the FTSE 100 were Ocado up 25p to 1,054.5p, DS Smith up 6.1p to 496p, CRH up 27p to 2,718p and Barclays up 1.84p to 191.52p.

The biggest fallers were Micro Focus International down 37p to 1,241.5p, BHP Billiton down 41p to 1,609.2p, Severn Trent down 46p to 1,895p and BP down 13.3p to 557.5p.