FTSE 100 ends six-session winning streak amid weaker oil
FTSE 100 traded slightly lower on Wednesday, with BP down more than 2% and Shell down around 1.4% as crude prices extended losses; mining shares gained and FTSE Russell flagged FTSE 100 deletions for Entain and Persimmon.
The FTSE 100 traded slightly lower on Wednesday, ending a six-session winning streak as weaker oil prices weighed on energy stocks.
BP fell more than 2%, while Shell declined around 1.4%, with crude prices extending losses for a third day on hopes of renewed shipping through the Strait of Hormuz.
Iran and Oman discussed an interim framework aimed at facilitating the resumption of traffic through the key waterway.
In contrast, mining stocks provided some support, with Antofagasta, Anglo American and Fresnillo each gaining more than 1%.
Entain and Persimmon were also in focus after FTSE Russell indicated that both companies are set to be removed from the FTSE 100 in its latest reshuffle.
Meanwhile, Ofgem said the UK energy price cap will rise 4% from October, citing higher wholesale gas prices linked to the Middle East conflict.
Investor attention is also turning to Nvidia’s results, with markets looking for further signals on the strength of the AI investment cycle.