Commodities settle as FTSE nudges lower

Oil prices sank after Saudi Arabia said it had made more progress over oil production, while the FTSE 100 nudged lower.

London’s blue-chip index closed down 18 points at 7,408.21 on the same day Saudi Arabia said oil production had recovered after a drone attack in mid-september, reducing fears over supply levels and pressing down prices.

The European markets welcomed a calmer day for international trade tensions.

David Madden, analyst at CMC Markets UK, said: “Stocks are largely positive as we approach the close as traders are a little less fearful about the Us-china trade situation.”

The value of the pound edged up against the dollar as it was encouraged by a higher revision of GDP for the first quarter of 2019.

It also benefited from weakness in the euro, as traders became more concerned over inflation in Germany.

In company news, bosses at Goals Soccer Centres admitted that an estimated £12 million black hole in the Scottish five-a-side football pitch operator’s accounts could be far higher. Shares have been have been delisted as the firm failed to resolve its accounting issues before yesterday’s deadline.

Shares in Woodford Patient Capital Trust rose after it warned stock picker Neil Woodford that he might be shown the door from the business that bears his name. The board said it was speaking to other fund managers to potentially replace Woodford, after its value fell 20.9 per cent between 28 June and 26 September to £591 million. Shares finished yesterday’s session up 0.9p to 44.9p.